Russia: crypto holdings reach $44 billion, investors bear their own risk

Russia has approximately 20 million crypto users, who together hold the equivalent of $44 billion in digital currencies and related financial products. That was stated by Deputy Finance Minister Ivan Chebeskov, according to Russian state news agency TASS. At the same time, Moscow is making clear that investors themselves bear the losses if foreign issuers, such as those of USDT or USDC, freeze their assets.

In brief:

• Russian crypto holdings are estimated at 3.7 trillion roubles, equivalent to approximately $44 billion
• Daily transaction volume amounts to around 50 billion roubles ($595 million)
• Investors bear the risk themselves if foreign parties freeze stablecoins

Scale of the Russian crypto market

The total interest of Russian citizens in crypto stands at 3.7 trillion roubles, which equates to approximately $44 billion. This amount includes both direct ownership of digital currencies and financial products linked to them. Daily transaction volume is around 50 billion roubles, corresponding to some $595 million per day.

Chebeskov indicates that a large part of the market is still outside the regulated framework, meaning the government currently relies mainly on expert estimates. With recently adopted legislation, the ministry expects to soon gain a much more accurate picture of the volume, transaction structure and market developments.

Investors bear risk when stablecoins are frozen

Chebeskov makes clear that Russian taxpayers are obliged to report crypto transactions that take place outside the national regulated framework to the Federal Tax Service. In this way, the government is drawing a clear line around transparency and reporting.

When foreign issuers freeze stablecoins such as USDT or USDC for reasons beyond the control of Russian custodians, investors themselves are responsible for the losses incurred. In that case, the government offers no safety net. The aim of Russian regulation is therefore not so much to legalise a predetermined portion of the market, but first to establish a functioning and regulated market that provides clarity about who provides services, what risks intermediaries bear and how customer rights are protected.