Russian Finance Ministry pegs crypto holdings at $44 billion
Russia's Finance Ministry estimates citizens hold roughly $44 billion in cryptocurrencies, far exceeding the central bank's figure of 720 billion rubles. The ministry also cites daily trading volumes of about 50 billion rubles, with new regulations from September requiring licensed entities for trading, custody, and accounting. The estimate is based on expert assessments and includes direct holdings plus crypto-linked financial products.
The wide gap between the Finance Ministry's 3.7 trillion ruble estimate and the central bank's 720 billion ruble figure stems from differing measurement approaches. The ministry's calculation includes both direct cryptocurrency ownership and crypto-linked financial products, while the central bank's number covers only balances held on exchange platforms. Independent estimates of Russian holders range from 8.7 million to 20 million people, reflecting the difficulty of tracking activity that has largely operated outside regulated channels.
September's new regulatory framework requires trading, custody, and accounting functions to move through licensed entities including exchanges, brokers, and digital depositories. Holders must declare certain foreign wallets, and international transfers now require regulated intermediaries. The central bank aims to establish a legal crypto industry by year-end, with Moscow Exchange planning December listings, though domestic payments in crypto remain prohibited and usage is limited to select international transactions.
The discrepancy between official estimates and actual holdings suggests substantial crypto wealth sits outside Russia's regulated financial system. New licensing requirements could push some holders toward compliance but may also drive others deeper into unregulated channels. This affects ordinary Russians' financial privacy and access to cross-border transactions, alongside the state's capacity to tax and monitor capital flows. Businesses engaged in international trade may benefit from clearer rules, while individual holders face new reporting obligations and potential enforcement risks.