The Russian market for crypto investment products is likely to amount to a couple of trillion rubles next year, predicted a prominent member of Russia’s crypto space.
The forecast comes after Moscow took a series of steps in the past months to organize and regulate this segment of its digital economy, still strictly reserved for institutions and rich Russians.
Regulation opens door for institutional players
Russia has been gradually warming towards crypto since last year, with laws and rules recognizing certain activities related to digital assets.
The adoption of basic regulation in 2024, when the Russian government legalized cryptocurrency mining, opened up new horizons for the industry, the daily Izvestia noted in an article.
Then, this past spring, the Central Bank of Russia (CBR) permitted investments in crypto derivatives based on the value of major cryptocurrencies such as Bitcoin and Ethereum.
Financial institutions and large production holdings started entering the market after regulators tightened control, the owner and CEO of GIS Mining, Vasily Girya, told the Russian newspaper.
This creates a significant incentive for the development of innovations in the Russian digital economy, he elaborated, speaking at the Capital Markets forum.
The markets for fiat and cryptocurrency instruments will continue their integration, the entrepreneur noted, reminding that qualified investors have gained access to crypto-based investment products.
Girya’s company is a significant hardware operator in Russia’s growing crypto mining sector, alongside leaders like BitRiver and Intelion.
According to GIS Mining’s estimates, the size of the Russian crypto market, including mined cryptocurrency, employed computing power, mutual funds, digital financial assets (DFAs), and perpetual DFAs, may exceed 2 trillion rubles in 2026 (nearly $24 billion).
Vasily Girya further commented:
“The growth of interest among large banks and investment companies continues to gain momentum. If we have a moderately positive scenario for the industry’s development, the price of Bitcoin may reach $130,000 – $135,000 by the end of 2025.”
Role of crypto grows for Russia amid global instability
Russian authorities, which used to be quite hostile regarding crypto, have been changing their attitude lately, largely as a result of crippling Western sanctions over the war in Ukraine, which severely limited Russia’s access to traditional financial channels.
The recently proposed special “experimental legal regime” gives Russian companies the option to use cryptocurrencies in cross-border payments and allows “highly qualified” investors to buy and sell coins and put money into crypto derivatives.
Girya pointed out that in the context of geopolitical instability, cryptocurrency is becoming an important hedging tool and serves as a gateway to international financial markets and settlements.
The Bank of Russia is now discussing with the government ways to expand the use of crypto assets by introducing a similar regime for digital innovations in the financial market. And the Ministry of Finance recently suggested widening investor access to crypto products.
Russia’s monetary authority is also drafting separate rules for financial institutions that want to invest in crypto directly, taking into account specific risks. Vasily Girya believes the new regulations for large participants will help balance the market’s development.
The founder of GIS Mining also highlighted that Russian citizens are “actively mastering new technologies, including blockchain,” while Russian companies are developing solutions that will make the country’s economy more competitive.