Russia unveils $46 billion regulated crypto market with trade restricted to BTC, ETH, USDT

Market launch and Sberbank projections

The Central Bank of Russia set these regulations into effect on September 1, 2026, allowing individuals and institutions to acquire cryptocurrencies through authorized brokers and investment management platforms. Sberbank’s Deputy Chairman Anatoly Popov cited government data indicating that Russia’s current daily cryptocurrency transaction volume hovers around 50 billion rubles.

Popov estimates that about 20% of existing crypto trades in Russia—totaling 3.5 to 4 trillion rubles—will transition to regulated exchanges in the first twelve months. This figure represents a substantial portion of the nation’s estimated 18 trillion ruble annual crypto trading volume.

The projected migration of activity to regulated exchanges is expected to bring more transparency to the sector, with initial volumes not anticipated to exceed 4 trillion rubles. In the long term, regulated trading volumes could reach up to 7.5 trillion rubles ($87.06 billion) by 2029, according to Sberbank’s forecasts.

Despite these projections, Popov believes that a significant amount of crypto trading will remain on unlicensed platforms, meaning Russia’s wider crypto ecosystem is likely to remain only partially regulated for the foreseeable future.

Regulatory details and approved tokens

Under the new rules, both qualified and non-qualified investors can participate, but non-qualified investors face stricter conditions. These investors are required to pass a knowledge test before trading and are limited to annual purchases of up to 300,000 rubles (around $3,800) per licensed intermediary.

Qualified investors, who also undergo competency assessments, are granted more flexibility and do not face such spending caps. They are also expected to access a broader range of assets, subject to regulatory approvals.

Approved trading on regulated Russian exchanges is currently restricted to only three cryptocurrencies: Bitcoin, Ethereum, and Tether’s USDT. The Central Bank reportedly selected these assets based on metrics such as market capitalization, global trading volume, and established international pricing benchmarks.

Alternate digital assets may be introduced later if they meet regulatory criteria, but most altcoins remain excluded for now. This restriction could result in continued traction for unlicensed platforms among those seeking a wider selection of digital tokens.

Crypto trading platforms already operating in Russia have been given until July 1, 2027 to secure regulatory approval. This transition period suggests a staggered implementation and a gradual move toward a fully licensed crypto trading environment.

Sberbank has revealed plans to offer cryptocurrency trading, custody, and depositing services by December 1, 2026, but has yet to specify which coins will be available or announce its fee policies.

Bitcoin, Ethereum, and USDT have not shown definitive price movements tied to Sberbank’s trading volume forecasts or the emergence of this regulated market.

Mini dictionary: Sberbank, established in 1841, is Russia’s largest state-owned bank and financial institution, providing retail and investment banking services across the country and internationally.