Russia’s little-known $13bn crypto secret set for 2026 takeoff

Group 1: Core Insights - Russians are increasingly adopting cryptocurrency, supported by banks and regulators, to create an investment ecosystem that can bypass Western sanctions [1] - The future of finance in Russia is seen as digital, with expectations for tokenized securities, commodities, industrial Bitcoin mining, and crypto derivatives to gain traction by 2026 [1] Group 2: Digital Financial Assets (DFAs) - Digital financial assets (DFAs) in Russia have grown over a third, reaching a market size of $13 billion in 2025, according to the central bank [2] - DFAs are built on private blockchains and can only be traded on domestic platforms with central bank permits, positioning them at the center of Russia's blockchain-driven economic expansion [2] Group 3: DFA Market Growth - The total volume of Russian DFA placements increased by 33% in the first nine months of 2025, with yields on short-term DFAs surpassing short-term bond yields by an average of 1.7% [3] - The Russian government aims to achieve tax parity for DFA investors in 2026, aligning them with traditional bondholders, which is expected to significantly boost the DFA market [4] Group 4: Licensing and Market Expansion - Since the issuance of its first DFA by Atomyze, Moscow has granted operating licenses to 16 additional firms, primarily banks, with a startup named Madrigal also receiving a DFA-issuing license [5] - The Moscow Exchange (MOEX) and Russian banks are promoting crypto derivatives, launching their own funds as Russians are unable to invest in US-based Bitcoin and Ethereum ETFs [6]