Chebeskov separately estimated that around 20 million Russians already use crypto, holding about 3.7 trillion rubles ($44 billion) in crypto and related products. That number covers both direct crypto holdings and some financial products linked to digital assets.
Russia’s New Crypto Regulations
The possible 10 million new users come at a big moment for Russia’s crypto market. A new law on digital currencies and digital rights took effect on September 1, setting rules for licensed crypto exchanges and digital asset depositories. The Bank of Russia stated that existing market participants have until July 1, 2027, to transition.
The new setup doesn’t turn crypto into everyday money for payments inside Russia. Instead, it stays mostly an investment asset for residents, with the framework setting up regulated ways to buy, sell, and hold crypto. Regular investors will face caps on buying the most liquid cryptos, while qualified investors get more freedom.
Non-qualified investors can only buy Bitcoin, Ethereum, and Tether USDT, and they’re limited to 300,000 rubles per year through one intermediary.
On September 21, the Bank of Russia said the crypto industry could start running under the new legal system before the end of 2026 as long as the remaining regulations are finished in time. The central bank says it’s working on 27 supporting regulations, covering things like licensing and registries.
Discussing the situation, Central Bank of Russia First Deputy Governor Vladimir Chistyukhin said: “The Central Bank has a fairly considerable number of normative acts. In total, there are 27 acts, seven acts of the first tier and 20 acts that we consider second-tier acts.”
As such, the timing of Chebeskov’s 10 million estimate is notable, since if millions more Russians start using crypto in 2027, a lot of that may happen at the same time as the country’s licensed platforms and rules become fully operational.
Related: Russia Links Regulated Crypto Accounts to Tax IDs—What Users Need to Know
