Key facts
- Russia's Sberbank estimates regulated crypto exchanges could handle $46.4 billion in trading volume in their first year post-legalization.
- Sberbank plans to accept Ethereum and USDT as collateral for loans, contingent on central bank approval.
- Russia's new digital asset regulations are scheduled to take effect on September 1.
- Projections suggest trading volumes could reach $87 billion by 2029.
- The Bank of Russia has identified Bitcoin, Ethereum, and USDT as eligible for public trading.
Russia is set to implement new regulations for cryptocurrency trading on September 1, with Sberbank, the country's largest bank, anticipating significant market activity. Sberbank estimates that regulated crypto exchanges could see approximately $46.4 billion in trading volume in their first year, with projections reaching $87 billion by 2029. The bank also plans to expand its crypto-backed lending services to include Ethereum and Tether's USDT as collateral, pending approval from the central bank. These moves follow President Vladimir Putin's signing of a law that establishes rules for crypto trading, custody, and cross-border payments, while maintaining a ban on using crypto for domestic goods and services. The Bank of Russia has identified Bitcoin, Ethereum, and USDT as eligible for public trading based on market capitalization and trading volume.