Cryptocurrency trading in Russia is expected to bring 4 trillion rubles ($46.4 billion) in trading volume for regulated domestic exchanges in the first year after legalization, according to estimates from Sber, the country’s largest bank.

Domestic crypto trading volumes on regulated exchanges could grow to about 7.5 trillion rubles by 2029, Sber’s Deputy Chairman, Anatoly Popov, told Tass in a Saturday report.

Popov attributed the conservative forecast to the fact that a large share of crypto transactions will continue to be conducted through cryptocurrency exchanges that are not regulated in Russia, bypassing trading on organized platforms.

The forecast was revealed shortly before Russia’s new crypto market regulations take effect…