Russian central bank deputy governor says crypto sector may be ready to operate legally by year-end

Russia’s crypto industry may already have the conditions required to operate legally before the end of the year, Vladimir Chistyukhin, deputy governor of the Bank of Russia, said as the country’s regulatory push continues.

According to Interfax, Chistyukhin said regulators are now drafting large and significant secondary rules, and that fine-tuning of internal rules could be completed by the end of 2026.

Russia has kept moving on crypto legislation this year

Russia has continued to advance crypto legislation this year. In August, President Vladimir Putin signed a law that established a framework for managing digital currencies and digital rights, though using Bitcoin for payments remains prohibited.

The central bank has approved public trading of Bitcoin on Russian crypto exchanges. Non-qualified investors can purchase up to 300,000 rubles, or about $3,582, worth of Bitcoin and other assets through a single intermediary, while qualified investors are not subject to that cap.

Sberbank plans crypto rollout in December

Sberbank, Russia’s largest bank, plans to launch Bitcoin, crypto wallet, and digital asset custody services in December. In August, the bank said its new crypto business could generate 4 trillion rubles, or about $47 billion, in trading volume in its first year.

Payment ban stays in place, with an exception for international settlements

Since 2022, Russia has banned the use of digital assets as a means of payment or as legal tender, but lawmakers left an exception for international payments. The report said the move was likely intended to help bypass Western sanctions.

After the 2022 Russia-Ukraine conflict, the United States and Europe cut Russia off from the SWIFT system. Russia’s finance minister said the country’s companies have been using Bitcoin to get around those restrictions.