A recent estimate by the Russian government has revealed that locals currently own more than 16.5 trillion rubles ($214 billion) worth of cryptocurrencies. Russians control 12% of the crypto market According to a Bloomberg report on Tuesday, this figure represents about 12% of the total value of global crypto holdings or a third of the market capitalization of the Russian stock index. Citing unidentified people familiar with the matter, the report noted that the crypto holdings estimate was calculated by analyzing the IP addresses of some of the top digital asset exchange users, among other data sources. . According to the sources working with the government and the Kremlin, the estimates are currently being used to gain an overview of the size of the national sypto market and to create new regulations. However, the proposals are not yet final. The sources claim that the $214 billion estimate could be low as some traders hide their crypto activities by using VPNs given the lack of clarity about the regulations in the country. Nevertheless, the current number is still a big jump from the data shared in December by the head of the House of Representatives Market Committee Anatoly Aksakov. It quoted that Russians own crypto worth about 5 trillion rubles ($65 billion). Russian Regulators Debate Over Crypto Regulation The latest data paints a picture of Russia’s burgeoning cryptocurrency market as watchdogs continue to debate regulations in the country. The central bank initially proposed a total ban on digital asset trading and all related activities, including mining, saying it threatens the country’s national system. However, the Russian Ministry of Finance subsequently opposed the idea of a total crypto ban and opted instead for clear regulation. Amid all these conflicting opinions, President Putin has weighed in on the issue and urged the parties involved to find a regulatory compromise, leaning himself towards the idea of regulating crypto in Russia. With the current state of affairs, regulation may soon be enacted in the Russian digital asset market. SPECIAL OFFER (Sponsored) Binance Free $100 (Exclusive): Use this link to register and get $100 Free and 10% Off Fees on Binance Futures First Month (Terms and Conditions). PrimeXBT Special Offer: Use this link to register and enter POTATO50 code to get 25% off trading fees.