Russia’s crypto industry could have the regulatory pieces in place to begin operating legally before the end of this year, according to a report cited by Bitcoin Magazine.
Interfax reported Monday that Central Bank of Russia Deputy Governor Vladimir Chistyukhin said the regulatory process was moving ahead on schedule.
「Right now we are talking about creating subordinate regulation; it is very large and significant」, Chistyukhin said, adding that fine-tuning of internal rules could be completed before the end of 2026.
Russia has continued to advance crypto legislation this year. In August, President Vladimir Putin signed a law that formally established regulation for digital currencies and digital rights in the country, though bitcoin is still banned for payments.
Public trading rules and investor limits
The report says Russia’s central bank has approved bitcoin trading for the public on the country’s crypto exchanges. Current law states that unqualified investors can buy up to 300,000 rubles, or $3,582, in bitcoin and other assets through one intermediary. Qualified investors are not subject to a limit.
Sberbank plans December launch
Sberbank, Russia’s largest bank, plans to debut a bitcoin and crypto wallet as well as digital asset custody by December. The bank said in August that it expected trading volume tied to the new crypto rollout to reach 4 trillion rubles, or $47 billion, in the first year.
Domestic payment ban remains in place
Using digital assets as a means of payment or legal tender inside Russia has been prohibited since 2022. While Putin has appeared to praise bitcoin in the past, its use as a medium of exchange and as currency has been banned for years.
Russian lawmakers have made an exception for international payments. Bitcoin Magazine said this was most likely a way to dodge Western sanctions. After Russia invaded Ukraine in 2022, the U.S. and European governments cut the country off from the SWIFT payments system. According to Russia’s finance minister, Russian companies have been using bitcoin to get around those penalties.
The story was first published by Bitcoin Magazine and written by Mathew Di Salvo.