Russia’s Crypto Market Value Now Larger Than European Players

Russia has overtaken its rivals to become Europe’s largest cryptocurrency market by transaction volume, according to data from Singapore’s blockchain analytics firm Chainalysis.

In a report released on Thursday (October 16), Chainalysis said that from July 2024 to June 2025, Russia received US$376 billion in crypto value—up from US$256.5 billion a year earlier and surpassing the UK’s US$273 billion. Germany followed with US$219 billion, Ukraine with US$206.3 billion, and France with US$180.1 billion.

Chainalysis credited Russia’s rise to a surge in institutional transfers and rapid DeFi adoption. Transactions over US$10 million jumped 86% year-over-year—nearly double Europe’s 44% growth—while retail activity also outpaced the regional average. DeFi operations, using blockchain apps for trading, lending, and interest, more than tripled from 2023 levels.

The firm said Russia’s A7A5 ruble-denominated stablecoin has helped boost the country’s ranking, becoming a “key vehicle for cross-border payments.” Released in February, it became the first in Russia last month to qualify as a digital financial asset (DFA), giving importers and exporters the legal right to use it for international settlements.

Russia has taken a cautious but evolving stance on cryptocurrencies. Digital assets are not recognized as legal tender, and the law on digital financial assets bans their domestic use while classifying them as taxable property. However, crypto is allowed for cross-border transactions, while the Russian Central Bank has created an experimental framework for qualified investors to trade digital assets.

The country has also legalized crypto mining—restricted in energy-deficient regions until 2031—and earlier this year, Russia’s largest lender, Sber, announced plans to issue structured bonds linked to Cryptocurrencies.

President Vladimir Putin has called crypto regulation a “promising area,” urging the creation of legal and technological frameworks for its domestic and cross-border use.

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