According to Sergei Khitrov, founder of the Russian cryptocurrency event Blockchain Life and Listing.Help, the Russian crypto market has significantly grown to a $550 billion industry.

Addressing his keynote speech on the state of cryptocurrency regulation in Russia at the Blockchain Life Forum in Moscow on Wednesday, Khitrov said that despite the absence of proper regulation on cryptocurrencies, the Russian crypto market could be worth between 20 and 40 trillion rubles, or $280-$550 billion.

When zooming in on insights that include local cash flows related to services like crypt mining, the executive believes that Russian crypto businesses can provide bring the Russian government roughly $4 billion annually in taxes, should there be clear and fair regulations in place

Nevertheless, for the potential to be manifested, the industry will have to come out of the grey areas, Khitrov said about the fact that there are no official Russian rooted exchanges officially conducting business in the country. He said:

“We know a lot of crypto exchanges with Russian roots, but unfortunately, these exchanges are either not officially registered or just based in other jurisdictions.”

He added:

“Without regulations that take into account the interests of the crypto community, crypto services will not be legally provided. It isn’t profitable for business to step out of the shadows.”

Khitrov said to focus his efforts on negotiating crypto legislation with various government authorities and regulators and further stressed that the Russian cryptocurrency seems not to understand yet how to apply a fair tax regime on cryptocurrencies.

The Blockchain Life forum is a one of the largest Russian cryptocurrency events that takes place twice a year. Founded in 2017, last week’s Moscow edition brought together more than 5,000 attendees and speakers. Notables were Russian state officials, such as Russian internet ombudsman Dmitry Marinichev, executives from large crypto platforms, such as Huobi and local crypto entrepreneurs. Binance NFT was also present, hosting an NFT auction.

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