Sergei Khitrov, founder of the Russian cryptocurrency event Blockchain Life, gave a keynote speech on the state of cryptocurrency regulation in Russia at the VII Blockchain Life Forum in Moscow. Based on his own industry insights and knowledge of the market, Khitrov estimated the Russian crypto market to be worth as much as 40 trillion rubles, or more than $550 billion. He also claimed that Russian crypto businesses could generate as much as 284 billion rubles ($4 billion) worth of taxes per year, should the Russian government provide more comfortable regulations for the industry. But as Russian regulators have continued ignoring the industry’s interests over the past several years, local crypto businesses could do nothing but continue operating illegally or flee to other jurisdictions in order to survive, Khitrov told.