Russia is preparing to introduce a formal legal framework for cryptocurrencies after years of uncertainty.
The move follows a surge in digital asset adoption, with officials estimating that about 20 million Russians now use cryptocurrencies for investment, savings, and cross-border transactions.
Deputy Finance Minister Ivan Chebeskov confirmed that cryptocurrency use has reached a level the state can no longer ignore.
Notably, the statement marks a significant shift from earlier positions when Russian regulators pushed for strict limitations or outright bans on digital assets.
Furthermore, as of March 2025, data from the Central Bank of Russia shows that residents held over 827 billion rubles in crypto assets. This marks a 27% increase compared to the previous year.
Bitcoin remains the dominant choice, accounting for over 60% of holdings. Meanwhile, Ethereum (22%) and major stablecoins such as USDT and USDC together comprise 15.9%.
Executives at Sberbank, the country’s largest commercial bank, believe the real figure is far higher. According to Alexander Vedyakhin, a top executive at Sberbank, total digital assets owned by Russians may exceed $40 billion.
“Market data confirms that interest in crypto investment among individuals and companies continues to grow,” Vedyakhin said at the Finopolis 2025 forum.
The Central Bank of Russia, known for its conservative approach, now appears more open. Gradually, it is showing a willingness to allow controlled participation in the crypto sector.
Earlier this week, First Deputy Governor Vladimir Chistyukhin announced plans to allow banks to handle crypto transactions. The move, set to take effect under strict supervision, is scheduled to begin in 2026.
Moreover, he revealed that the regulator will conduct a comprehensive survey of crypto investing and lending early next year. The results from this survey will help guide future policymaking.
At the Finopolis 2025 conference, Vladimir Chistyukhin said he expects a gradual path toward full regulation of digital assets. He added that this process is likely to unfold over the next three years.
Specifically, according to him, the process will begin in 2025 with the completion of legislative drafts and consultation among key stakeholders.
By 2026, lawmakers will subsequently adopt a comprehensive crypto investment law, paving the way for the first licenses to be issued to service providers.
Following that, in 2027, Russia plans to align its criminal and administrative codes with the new framework. This step is to ensure greater legal consistency and effective enforcement.
Once the framework is established, Chistyukhin believes it will legitimize crypto activities, reduce illicit transactions, and protect consumers from financial fraud.
Ultimately, the government expects the regulated environment to attract new investments, foster fintech innovation, and strengthen the overall transparency of the digital economy.
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