Russia’s regulated cryptocurrency market could record at least 4 trillion rubles, or about $46.4 billion, in its first year, as trading shifts from over-the-counter and unofficial channels to authorized intermediaries. Sberbank, Russia’s largest bank, estimates annual trading through licensed exchanges and brokers at 3.5 trillion to 4 trillion rubles after new rules take effect on Sept. 1. SberCIB Investment Research expects about 20% of Russia’s annual cryptocurrency trading volume to move into the regulated market during the first year, with regulated-market turnover reaching 4.75 trillion to 5.25 trillion rubles by 2028 and about 7.5 trillion rubles, or roughly $87.1 billion, in 2029. The Central Bank of Russia (Russia’s monetary authority) has capped purchases and limited official trading to Bitcoin, Ether and Tether. Non-qualified investors who complete a risk assessment will be limited to 300,000 rubles a year through one authorized broker, while qualified investors face a 3 million-ruble cap. Exchanges have until July 1, 2027, to complete registration procedures under the transition period.