Russia hits 20M crypto users as $44B regulation takes effect

• Russia legalizes crypto: $44B in assets, 20 million users, sweeping new rules.
• Law mandates licenses, asset repatriation, and annual investor limits.

On September 22, 2026, TASS reported that Russian authorities now count more than 20 million citizens holding over $44 billion in cryptocurrency, following the full legalization of digital assets on September 1. Daily transaction volumes have reached nearly $600 million, and government projections indicate a further 10 million users could join the ecosystem in 2027 under the new regulatory regime.

The new law, “On Digital Currency and Digital Rights,” establishes mandatory licensing for all cryptocurrency exchanges, depositories, brokers, and asset managers serving the Russian market. Approved by the Federation Council in July 2026, the law introduces strict requirements for market participants, including liquidity rules for listed cryptocurrencies: each must maintain a two-year market capitalization exceeding 5 trillion rubles and average daily trading volume above 1 trillion rubles. Non-professional investors face an annual purchase cap of 300,000 rubles per regulated intermediary.

Russian citizens with crypto held on foreign platforms are now required to transfer their assets into authorized domestic accounts. While foreign and self-hosted wallets remain technically permitted, legal transactions must flow through registered intermediaries, and affected users must comply with new reporting obligations. Cross-border transfers are still allowed, but these must be processed via regulated entities so authorities can capture tax and compliance data on all domestic and international activities.

Major Russian banks have quickly moved to adapt to the regulatory shift. On July 25, 2026, BloomingBit reported that Sberbank and other leading institutions are planning to launch crypto trading and custody services by December 1, 2026. Sovcombank, meanwhile, began offering the country’s first Bitcoin-backed loans for individuals and businesses, according to Blockonomi on September 3, 2026.

Officials say these reforms are designed to bring previously unregulated “gray” market activity into licensed channels, integrating domestic and repatriated assets under direct oversight. According to statements at the Moscow Financial Forum, the measures aim to increase transparency, attract institutional investment, and tighten control over financial flows and sanctioned actors.

As of September 22, 2026, at 15:08 UTC, Bitcoin (BTC) trades at $86,303.94, up 0.19%. Ethereum (ETH) is at $2,747.95, down 0.06%. Tether (USDT) holds steady at $1.00, posting a 0.02% gain in the past 24 hours, according to CoinMarketCap.