Russia’s crypto market is projected to reach over 2 trillion rubles (nearly $24 billion) in 2026, according to Vasily Girya, CEO of GIS Mining. This significant growth is attributed to recent regulatory changes that have opened the door for institutional investors.
Over the past year, Russia has shifted its stance on cryptocurrency from hostile to more accepting. This change is driven, in part, by the need to navigate Western sanctions. In 2024, the Russian government legalized cryptocurrency mining and the Central Bank of Russia (CBR) approved investments in crypto derivatives for qualified investors.
These new regulations have encouraged major banks and financial institutions to enter the market, creating a strong incentive for innovation in Russia’s digital economy. Girya believes that as these markets become more integrated, cryptocurrencies will serve as a crucial tool for international payments and a hedge against geopolitical instability.
Both the Bank of Russia and the Ministry of Finance are actively working on expanding access to crypto products for investors and creating a special legal framework for companies to use cryptocurrencies in cross-border transactions. This move is expected to help balance the market and boost the competitiveness of Russia’s economy.
September 2025, Cryptoniteuae
