Russia is confronting a quiet revolution in finance as nearly 20 million Russians reportedly use cryptocurrencies for a range of purposes, according to Deputy Finance Minister Ivan Chebeskov.Â
His remarks reflect a shift in Moscow’s approach as the government moves from skepticism toward regulated engagement.
Chebeskov stated, “We recognize that crypto exists … millions of citizens … use cryptocurrency for various purposes,” adding that Russia must develop its own infrastructure both to protect citizens and harness economic and technological gains.
Data published by the Bank of Russia shows that Russian residents’ combined holdings in exchange wallets had climbed to 827 billion rubles by the end of March 2025, an increase of 27% year-on-year.
Of these assets, 62.1% were in Bitcoin, followed by Ethereum (22%) and stablecoins USDT/USDC (15.9%). In response to the adoption surge, Russian regulators are preparing to introduce new policies.
The Bank of Russia plans to allow banks to offer limited crypto operations under tight regulatory guardrails, including caps on exposure (1% of capital) and heightened reserve requirements.
First Deputy Governor Vladimir Chistyukhin outlined that these measures intend to prevent crypto activities from dominating bank business lines while maintaining oversight. As part of its roadmap, Russia will conduct a survey of crypto investments and lending from January to February 2026 to inform future legislation.
At the Finopolis 2025 forum, lawmakers targeted 2026 as the year to formalize crypto laws and begin licensing service providers under regulated frameworks. Analysts see this as a turning point: mounting grassroots adoption is pushing the state to respond.
With sanctions, de-dollarization pressures, and economic volatility driving crypto demand, Russia is attempting to wrest control, embedding digital assets in a structured, domestically governed system.
The challenge now lies in balancing innovation and control, crafting a regulation robust enough to curb misuse but flexible enough to nurture growth in crypto’s emerging financial role.