In January, Russia accounted for up to 23% of the traffic of the largest crypto exchanges.
Users from Russia took first place in the number of visits on the cryptocurrency exchanges Bybit, Huobi, MEXC and Bitget

On Bybit, the share of users from Russia amounted to 23% of the total last January, on HTX - 10%, on MEXC - 19%. Up to 11% of Russian traffic was also recorded on the Bitget exchange and 7% on the Deribit cryptocurrency options exchange. The largest share of visitors from the United States in January was recorded on the Coinbase (58%) and Crypto.com (29%) exchanges.

The top three in terms of volume included Binance, South Korean Upbit and OKX. In percentage terms, trading volumes increased the most on Bitfinex (up 20%), Crypto.com (up 16%), and HTX (up 16%).

According to the Bank of Russia, based on the results of the second and third quarters, the number of visits by Russian users to the websites of the largest cryptocurrency trading platforms (crypto exchanges, p2p platforms and exchangers) amounted to 89.6 million.
 
In terms of mining volume, Russia firmly holds second place in the world and the share of the Russian Federation increased in 2023, exceeding the 1 GW mark.

At the end of 2021, according to the Cambridge Center for Alternative Finance, Russia was ahead of the United States and Kazakhstan in terms of cryptocurrency mining power, and a year earlier - China and the United States.

The world leader continues to be the United States with 3–4 GW of cryptocurrency mining capacity. The top ten largest cryptocurrency mining countries also included the Gulf states (700 MW), Canada (400 MW), Malaysia (300 MW), Argentina (135 MW), Iceland (120 MW), Paraguay (100–125 MW), Kazakhstan (100 MW) and Ireland (90 MW).

The conclusion from all this can be drawn as follows: the delay in the adoption of crypto legislation and laws related to the regulation of cryptocurrency mining had a positive impact on the cryptocurrency market in Russia. If there is further delay in the adoption of laws regulating the circulation of cryptocurrencies, Russia will only increase the pace of development of the global cryptomarket.

Kazakhstan, which ranked third in the world in mining in 2021, after the adoption of regulatory laws on mining, fell from 3rd to 9th place in two years.

We kindly ask Russian legislators not to hastily adopt crypto laws. There are more important things to do. Let's discuss everything properly, think it over again, gather the opinions of market participants, and put the by-laws in order so that there are no contradictions.

I think 4-6 years will be enough for this. And if this time is not enough, we will add another 3-4 years. If you hurry, you will make people laugh. Look, by that time Russia will be ahead of the United States in terms of mining power, because ultimately, after the halving, the role of the price of an outlet in mining will rise, and in Russia electricity is still cheaper.

In 5 years, cryptocurrency will become the most important source of foreign exchange earnings in the country, and another 125,657 sanctions adopted over the same five years will in no way prevent us from maintaining foreign trade turnover and even increasing it.

And Russia will become the most convenient place for new crypto exchanges and cryptocurrency projects, outside the zone of influence of deranged SEC managers and the long tentacles of American three-letter intelligence services. By that time, perhaps the Central Bank of the Russian Federation will be nationalized and it will begin to engage only in useful matters.
In January, Russia accounted for up to 23% of the traffic of the largest crypto exchanges. Users from Russia took first place in the number of visits on the cryptocurrency exchanges Bybit, Huobi, MEXC and Bitget

On Bybit, the share of users from Russia amounted to 23% of the total last January, on HTX - 10%, on MEXC - 19%. Up to 11% of Russian traffic was also recorded on the Bitget exchange and 7% on the Deribit cryptocurrency options exchange. The largest share of visitors from the United States in January was recorded on the Coinbase (58%) and Crypto.com (29%) exchanges.

The top three in terms of volume included Binance, South Korean Upbit and OKX. In percentage terms, trading volumes increased the most on Bitfinex (up 20%), Crypto.com (up 16%), and HTX (up 16%).

According to the Bank of Russia, based on the results of the second and third quarters, the number of visits by Russian users to the websites of the largest cryptocurrency trading platforms (crypto exchanges, p2p platforms and exchangers) amounted to 89.6 million.
 
In terms of mining volume, Russia firmly holds second place in the world and the share of the Russian Federation increased in 2023, exceeding the 1 GW mark.

At the end of 2021, according to the Cambridge Center for Alternative Finance, Russia was ahead of the United States and Kazakhstan in terms of cryptocurrency mining power, and a year earlier - China and the United States.

The world leader continues to be the United States with 3–4 GW of cryptocurrency mining capacity. The top ten largest cryptocurrency mining countries also included the Gulf states (700 MW), Canada (400 MW), Malaysia (300 MW), Argentina (135 MW), Iceland (120 MW), Paraguay (100–125 MW), Kazakhstan (100 MW) and Ireland (90 MW).

The conclusion from all this can be drawn as follows: the delay in the adoption of crypto legislation and laws related to the regulation of cryptocurrency mining had a positive impact on the cryptocurrency market in Russia. If there is further delay in the adoption of laws regulating the circulation of cryptocurrencies, Russia will only increase the pace of development of the global cryptomarket.

Kazakhstan, which ranked third in the world in mining in 2021, after the adoption of regulatory laws on mining, fell from 3rd to 9th place in two years.

We kindly ask Russian legislators not to hastily adopt crypto laws. There are more important things to do. Let's discuss everything properly, think it over again, gather the opinions of market participants, and put the by-laws in order so that there are no contradictions.

I think 4-6 years will be enough for this. And if this time is not enough, we will add another 3-4 years. If you hurry, you will make people laugh. Look, by that time Russia will be ahead of the United States in terms of mining power, because ultimately, after the halving, the role of the price of an outlet in mining will rise, and in Russia electricity is still cheaper.

In 5 years, cryptocurrency will become the most important source of foreign exchange earnings in the country, and another 125,657 sanctions adopted over the same five years will in no way prevent us from maintaining foreign trade turnover and even increasing it.

And Russia will become the most convenient place for new crypto exchanges and cryptocurrency projects, outside the zone of influence of deranged SEC managers and the long tentacles of American three-letter intelligence services. By that time, perhaps the Central Bank of the Russian Federation will be nationalized and it will begin to engage only in useful matters.