From the fourth quarter of 2024 to the first quarter of 2025, the volume of crypto asset flows attributed to Russians increased to an estimated 7.3 trillion rubles (+51.1%). This is according to a recent report by the Bank of Russia citing data from the Transparent Blockchain service.
Analysts linked the growth to the US administration’s policy aimed at softer regulation of the crypto market, which has increased interest in the market.
Compared to the previous two quarters, the volume of web traffic from Russian users on bitcoin exchange sites decreased by 0.9% to 165.4 million visits, with their share in the total web traffic of the analyzed platforms dropping to 4.5%.
As of the end of March 2025, the estimated balances of Russians on crypto exchange wallets amounted to 827 billion rubles, with 62.1% in bitcoin, 22% in Ethereum, and 15.9% in stablecoins USDT and USDC.
The regulator noted the growing interconnectedness of various traditional and digital financial instruments.
“Potential fund flows between them may increase volatility and therefore require monitoring, but for now, their volumes remain limited,” added the Bank of Russia.
Despite the support for the crypto industry from US authorities, the central bank fears that increased regulation of stablecoins will heighten sanction risks for Russian companies, including potential token blockages by their issuers.
Earlier, the Bank of Russia allowed financial institutions to offer qualified investors derivative instruments based on cryptocurrencies. These must be non-deliverable — that is, without direct settlement in digital assets.
In April, Russian authorities, as part of an experimental legal regime, announced the launch of a crypto exchange aimed at super-qualified investors.
The role of liquidity provider and market maker on Russian cryptocurrency platforms will be assumed by Sberbank.