ChainCatcher report: Vladimir Chistyakin, Deputy Governor of the Central Bank of Russia, stated that the country’s cryptocurrency industry may already meet the conditions necessary for legal operation by the end of the year, with related regulatory measures progressing as planned. According to Interfax, Chistyakin noted that large and significant subordinate regulatory rules are currently being developed, with “fine-tuning” of internal regulations expected to be completed by the end of 2026. Russia has continued advancing cryptocurrency legislation this year; in August, President Putin signed a law establishing a regulatory framework for digital currencies and digital rights, although the use of Bitcoin for payments remains prohibited. The central bank has approved public trading of Bitcoin on domestic cryptocurrency exchanges; non-accredited investors may purchase Bitcoin and other assets worth up to 300,000 rubles (approximately $3,582) through a single intermediary, while accredited investors face no such limits. Russia’s largest bank, Sberbank, plans to launch Bitcoin and cryptocurrency wallets along with digital asset custody services in December; the bank estimated in August that its new crypto business could achieve transaction volumes of 4 trillion rubles (approximately $47 billion) in its first year. Since 2022, Russia has prohibited the use of digital assets as a means of payment or legal tender, but lawmakers have carved out exceptions for international payments—likely aimed at circumventing Western sanctions. After the 2022 Russia-Ukraine conflict, the United States and Europe excluded Russia from the SWIFT system; Russia’s Finance Minister stated that Russian businesses have been using Bitcoin to bypass these restrictions.
Russia's crypto industry may operate legally by year-end, as central bank ruling progresses
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Summary
Russia's crypto industry could operate legally by year-end, as regulatory progress aligns with CFT measures. The Central Bank is finalizing rules to support a legal framework, with internal adjustments expected by 2026. A new law passed in August permits Bitcoin trading on exchanges, with limits for non-qualified investors. Sberbank plans to launch crypto services in December, targeting $47 billion in first-year volume. Despite a regulatory crackdown on digital assets as legal tender, exceptions for international payments remain, with Bitcoin used to circumvent SWIFT restrictions.
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