The Russian market for digital financial assets continues to expand through primary offerings, although secondary market activity remains subdued, comprising just 3.6 percent of transactions in the first quarter of 2026. Overall, the volume of new offerings in the first seven months of this year declined by 15 percent compared to the same period in 2025, reaching approximately 685.3 billion rubles. Individual investors are the primary drivers of transaction numbers, yet legal entities make up 94 percent of the market turnover. — NCR review
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