Russia Greenlights Crypto Derivatives While Drawing Hard Line on Custody—$93B in Local Trading Volume Fuels Policy Shift

Moscow’s financial regulators just split the baby—derivatives get a nod, but custody remains taboo. Guess they’re fine with speculation as long as no one actually holds the keys.

With $93B sloshing through local crypto markets, even bureaucrats can’t ignore the tidal wave. Yet another half-measure from a system that still thinks blockchain is a Soviet-era gymnast.

Here’s the real headline: When volumes talk, governments perform linguistic gymnastics to avoid saying ’we need the tax revenue.’

US pro-crypto shift boosts Russia’s ecosystem

The policy shift follows a significant increase in domestic crypto activity.

According to the central bank’s latest Financial Stability Review, crypto transaction volumes in Russia jumped by more than 51% in late 2024 and early 2025 compared to previous quarters.

During that period, Russian users traded 7.3 trillion rubles worth of crypto (around $92.9 billion) across major exchanges.

By the end of March 2025, Russian crypto users held over 827 billion rubles ($10.5 billion) on crypto platforms. Bitcoin accounted for 62.1% of this value, followed by ethereum at 22%, and stablecoins like USDT and USDC at 15.9%.

The central bank attributed the surge to growing global confidence in digital assets. In particular, it cited the United States’ recent push for crypto regulation as a key driver of renewed market interest.

Under President Donald Trump, US authorities have embraced a slew of pro-crypto initiatives that would lead to the creation of a national Bitcoin reserve and the broader growth of the emerging industry.

However, Russia’s central bank warned that increased regulation, especially around stablecoins, could raise compliance risks. The Apex bank noted that Russian firms may face added pressure if US-based issuers begin blocking tokens linked to sanctioned entities.