A heated discussion broke out at the Finopolis forum about the future of cryptocurrencies in Russia. Representatives of the country's largest banks called for taking into account the interests of millions of Russians investing in digital assets.
Vladimir Verkhoshinsky, managing director of Alfa-Bank, said that the cryptocurrency market in Russia has already formed, and it is impossible to ignore it. According to him, there are about 7 million active users of crypto in the country, and the volume of their operations is estimated at $180 billion, which is almost half of Russia's annual export revenues. He called for the development of this area, not to restrain it.
Sberbank also supported the position. Alexander Vedyakhin, First Deputy Chairman of the management Board, noted that focusing regulation only on a narrow circle of "super-qualified" investors (about 40,000 people) would leave millions of active participants behind. He stressed that legal conditions for crypto transactions are being created in countries such as Kazakhstan, Armenia and Belarus, and Russian investors are moving there en masse.
The Central Bank, in turn, plans to launch a law on crypto regulation in 2026. As part of the project, it is proposed to create an experimental legal regime available only to investors with assets of 100 million rubles or income of 50 million per year. In 2027, administrative and criminal sanctions may be imposed for operations outside the licensed environment.
Sergey Shvetsov, head of the Moscow Exchange's Supervisory Board, supported his colleagues, noting that millions of citizens should not be outlawed. He compared the situation to prohibition, when prohibitions lead to an outflow of capital and activity to other jurisdictions. Shvetsov added that bitcoin is clearer to him than the shares of some Russian companies.
The discussion highlighted the key challenge of finding a balance between protecting the interests of the state and legalizing mass participation in the crypto economy. Ignoring a wide audience of investors threatens further capital flight and lagging behind international practices.
