Russia’s largest bank, Sber, estimates that legalized cryptocurrency trading could generate 4 trillion rubles, or about $46.4 billion, in volume for regulated domestic exchanges during the first year after the market opens under the new rules. Sber Deputy Chairman Anatoly Popov said in a report carried by Tass on Saturday that the figure is a conservative one, because a large share of crypto activity is still expected to stay on exchanges that are not regulated in Russia rather than move onto organized domestic venues. He added that trading volume on regulated Russian exchanges could rise to around 7.5 trillion rubles by 2029. The forecast came just before Russia’s new crypto market framework is due to take effect on Sept. 1 under a law signed by President Vladimir Putin on Aug. 4. Earlier, on Aug. 11, the Russian central bank compiled a proposed list of digital assets that could be admitted to public trading on exchanges, including Bitcoin, Ether and Tether’s USDT. Under the rules, non-qualified investors will face an annual purchase cap of 300,000 rubles per intermediary, while qualified investors will not be subject to purchase limits in exchange or over-the-counter crypto markets.
Russia’s largest bank, Sber, estimates that legalized cryptocurrency trading could generate 4 trillion rubles, or about $46.4 billion, in trading volume for regulated domestic exchanges during the first year after legalization.
Sber Deputy Chairman Anatoly Popov told Tass in a Saturday report that domestic crypto trading volume on regulated exchanges could grow to about 7.5 trillion rubles by 2029.
Popov said the forecast was conservative because a large share of crypto transactions is expected to remain on cryptocurrency exchanges that are not regulated in Russia, bypassing organized trading platforms.
Rules take effect on Sept. 1
The forecast was published shortly before Russia’s new crypto market regulations are set to take effect on Sept. 1 under a law signed by President Vladimir Putin on Aug. 4.
On Aug. 11, the Russian central bank compiled a proposed list of crypto assets that could be admitted to public trading on exchanges under the new framework. The list includes Bitcoin, Ether and Tether’s stablecoin USDT.
Purchase cap for non-qualified investors
Under the new rules, non-qualified investors will be allowed to buy up to 300,000 Russian rubles worth of cryptocurrency per year through each intermediary. That includes a broker, a crypto exchange service or an asset manager.
Qualified investors will face no purchase limits for crypto assets traded on exchanges or in over-the-counter markets.
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