According to projections by Sber, Russia’s leading banking institution, digital asset trading within the country could generate 4 trillion rubles ($46.4 billion) in volume for licensed local platforms during the first year following legalization.
Trading activity across compliant domestic platforms might reach approximately 7.5 trillion rubles by 2029, as Anatoly Popov, Deputy Chairman of Sber, stated to Tass in a Saturday report.
Popov noted that this restrained outlook stems from the reality that a substantial portion of cryptocurrency activity will persist on platforms not licensed in Russia, circumventing formal trading venues.
These predictions emerged right ahead of the rollout of new crypto regulatory measures in Russia starting Sept. 1, following legislation signed into law by President Vladimir Putin on Aug. 4.
On Aug. 11, the Bank of Russia drew up a draft list of cryptocurrencies eligible for public exchange trading within the updated framework, featuring Bitcoin, Ether, and Tether’s USDT stablecoin.
Under these guidelines, retail or non-qualified participants may purchase a maximum of 300,000 Russian rubles in digital assets annually per intermediary, such as a brokerage, crypto trading venue, or asset management firm. In contrast, accredited investors will encounter no volume caps when acquiring crypto assets on exchanges or via over-the-counter channels.
Related: Russia cracks down on 9 crypto exchanges in Moscow City
Originally published at https://cointelegraph.com/news/russian-crypto-trading-bring-46b-regulated-exchanges-legalization?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound.
