Daily crypto activity in Russia has climbed to about $647 million (50 billion rubles), said Ivan Chebeskov, Russia’s Deputy Finance Minister, at the Alfa Talk conference “Digital Financial Assets: New Market Architecture.”

Officials estimate that this equates to more than $129 billion (10 trillion rubles) in yearly turnover, much of which currently operates outside formal oversight.

The Bank of Russia has proposed a framework to legalize crypto transactions through existing exchanges and brokers, with regulations expected to be adopted during the State Duma’s spring session.

Lawmakers aim to submit a draft bill to the State Duma in March, targeting approval by July 1 to bring exchanges under regulatory…