Data collected from Russian authorities showed that the country could earn 1 trillion rubles ($13 billion) each year by taxing cryptocurrency transactions, Moscow-based news outlet The Bell reported.
The numbers were generated by collecting the IP addresses, excluding the ones using virtual private networks (VPN) or unauthorized crypto exchanges.
Available data shows that 5.5% of the 12 million Russian population use Binance and 60% share goes to EXMO, a UK-based crypto exchange.
According to the report, the global crypto market capitalization was $1.87 trillion in 2021, with a 12% share coming from Russians. The report further added that Russians form 10% of the crypto users or 12 million people who …