The Cryptocurrency Market in Russia is Valued at Tens of Billions of Rubles
The cryptocurrency market in Russia is preparing to operate in a regulated format, with major banks creating infrastructure for transactions involving digital assets. Dmitry Pyanov, the First Deputy Chairman of VTB Bank, announced the establishment of an ecosystem for legal cryptocurrency trading, including the buying, selling, and storage of assets. The relevant law will come into effect on September 1, with other regulatory documents expected by the end of the year. Pyanov estimated the scale of the new banking business at tens of billions of rubles, while Deputy Finance Minister Ivan Chebeskov noted that the daily turnover of cryptocurrencies in Russia reaches 50 billion rubles. This indicates a growing interest from investors, and banks are looking to channel some of this demand into a regulated framework. VTB plans to offer clients operations with crypto instruments and create a digital depository. Full-fledged operation of the regulated cryptocurrency market is expected by 2027, when key provisions of the law will come into force.
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