Russian Crypto Industry Could Be Operating Legally by Year-End: Central Bank

According to Bitcoin Magazine, Russia's crypto industry may begin functioning within a legal framework before the end of the year. Vladimir Chistyukhin, the deputy governor of the country's central bank, stated that regulations are advancing as scheduled. President Vladimir Putin signed a law in August to regulate digital currencies and digital rights, though using bitcoin for payments remains prohibited.

Chistyukhin noted that subordinate regulation is currently being created, with internal rules undergoing fine-tuning before the end of 2026. The central bank approved Bitcoin trading for the public on domestic exchanges, permitting unqualified investors to purchase up to 300,000 rubles ($3,582) through one intermediary, while qualified investors face no limits.

Additionally, Sberbank plans to launch a Bitcoin and crypto wallet alongside digital asset custody by December, projecting 4 trillion rubles in trading volume during its first year. While domestic payments using digital assets have been banned since 2022, lawmakers carved out an exception for international payments. According to the country's finance minister, Russian companies have utilized Bitcoin to evade Western sanctions following the invasion of Ukraine.