Sber, Russia’s largest bank, estimates that regulated domestic cryptocurrency trading could reach 4 trillion rubles ($46.4 billion) in the first year after legalization, with potential growth to 7.5 trillion rubles by 2029, according to a report by Tass. The forecast follows new regulations signed by President Vladimir Putin on August 4, which came into effect on September 1, introducing rules for crypto trading, including a proposed list of eligible assets and purchase limits.
The Central Bank of Russia is compiling a list of qualifying crypto assets under the new framework, though the final version remains subject to approval. Non-qualified investors are restricted to annual purchases of 300,000 rubles per intermediary, a measure aimed at curbing speculative activity. Anatoly Popov, Sber’s Deputy Chairman, noted that the 2029 projection assumes continued use of unregulated exchanges, despite the legal framework’s emphasis on oversight.
The government’s regulatory push seeks to formalise a market that has long operated in the shadows, but challenges remain. Popov’s estimates highlight optimism about institutional adoption, though uncertainty persists over enforcement and market behaviour. The Central Bank’s proposed asset list and purchase limits are expected to shape the sector’s trajectory, with final details pending.
Written by Oliver Grant
Markets Desk
