Russian crypto trading to bring $46B to regulated exchanges in first year after legalization: Report
Regulated cryptocurrency exchanges may see more than $46 billion in crypto trading volume during the first year after legalization, according to estimates from the country’s largest bank.
Sberbank, Russia's largest bank, projects that regulated cryptocurrency exchanges could see over $46 billion in trading volume within the first year following legalization. The estimated trading volume stands at 4 trillion rubles, equivalent to $46.4 billion, according to estimates from Sberbank. Deputy Chairman Anatoly Popov of Sberbank informed Tass about the conservative forecast, citing the fact that a significant portion of crypto transactions will continue to transpire through unregulated exchanges.
The projection was disclosed just prior to the enforcement of Russia's new crypto market regulations on September 1, under a law signed by President Vladimir Putin on August 4. On August 11, Russia's central bank compiled a proposed list of crypto assets eligible for public trading on exchanges under the new rules, which includes Bitcoin, Ether, and Tether's stablecoin USDT.
Under the new rules, non-qualified investors can buy up to 300,000 Russian rubles worth of cryptocurrency per year through any intermediary, such as a broker, crypto exchange service, or asset manager. Qualified investors are exempt from purchase limits for crypto assets traded on exchanges or over-the-counter markets. Additionally, Russia has recently cracked down on nine crypto exchanges in Moscow City.
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