Sberbank expects regulated crypto trading in Russia to reach at least 4 trillion rubles ($46.43 billion) during the first year after a Bank of Russia draft regulation takes effect on September 1. The bank forecasts volumes gradually increasing to about 7.5 trillion rubles ($87.06 billion) by 2029 as more investors use official exchanges. Sberbank Deputy Chairman of the Executive Board Anatoly Popov said the estimate is conservative because only a limited share of existing activity is expected to move to licensed brokers. Finance Ministry data cited by Popov put Russia’s cryptocurrency transaction volume at about 50 billion rubles a day, or roughly 18 trillion rubles annually, while SberCIB Investment Research estimates that about 20%—or 3.5 trillion to 4 trillion rubles—would shift to exchanges in the first year. Its forecast rises to 4.75 trillion to 5.25 trillion rubles by 2028 and 7.5 trillion rubles by 2029. Growth could be constrained by unregistered exchanges, investment limits and the narrow range of assets approved through official channels. Non-qualified investors may purchase no more than 300,000 rubles, about $3,800, in crypto annually through one licensed intermediary after passing a risk-awareness test. Recent easing of qualified-investor requirements still limits investment to 3 million rubles, about $38,000. The Bank of Russia has approved only Bitcoin, Ethereum and Tether for trading on official Russian exchanges. Exchanges may register by July 1, 2027, after the transition period.