Russia’s regulated crypto trading market could process between 3.5 trillion and 4 trillion rubles in its first year, SberCIB Investment Research forecast on Aug. 29. The upper estimate is approximately $46.43 billion at the exchange rate used by TASS and represents about 20% of Russia’s estimated annual cryptocurrency transaction volume. Sberbank Deputy Chairman Anatoly Popov said activity could reach roughly 7.5 trillion rubles, or $87.06 billion, by 2029, but stressed that the projection is not a guaranteed minimum. The forecast assumes limited migration from Russia’s broader crypto market, where transactions currently total about 50 billion rubles daily, or approximately 18 trillion rubles annually. Russia’s regulated framework takes effect on Sept. 1, 2026. Non-qualified investors must pass testing and face an annual purchase limit of 300,000 rubles through each intermediary, while qualified investors will have broader access after testing. Bitcoin, Ether and USDT meet the Bank of Russia’s proposed criteria for organized trading, although final rules and intermediary offerings remain pending. Existing crypto exchange providers must register under the new licensing framework by July 1, 2027, and Sberbank plans to launch crypto trading, custody and digital-depository infrastructure by Dec. 1, 2026.