Russia’s cryptocurrency market is estimated at 3.7 trillion rubles, or approximately $43.8 billion, with about 20 million residents holding crypto and related products. Deputy Finance Minister Ivan Chebeskov said daily trading volume is approximately 50 billion rubles. The estimates include direct cryptocurrency holdings and some financial products linked to digital assets. Russia is rolling out a broad regulatory framework that places responsibility on investors when foreign stablecoin issuers freeze assets for reasons beyond domestic custody institutions’ control. Investors should not expect compensation in those cases. Russian taxpayers will also be required to report certain crypto transactions conducted outside the country’s regulated crypto infrastructure to the Federal Tax Service.