The Russian cryptocurrency industry may operate legally before the end of the year, the deputy governor of the central bank stated that regulation is progressing as planned

The Deputy Governor of the Central Bank of Russia, Vladimir Chistyukhin, stated that the country's cryptocurrency industry may have the necessary conditions to operate legally by the end of the year, with relevant regulations progressing as planned. According to the International News Agency, Chistyukhin mentioned that significant and large-scale secondary regulatory rules are currently being formulated, and the "fine-tuning" of internal rules is expected to be completed by the end of 2026.

This year, Russia has continued to advance cryptocurrency legislation. President Putin signed a law in August that establishes a regulatory framework for digital currencies and digital rights, but the use of Bitcoin for payments remains prohibited. The central bank has approved the public to trade Bitcoin on the country's cryptocurrency exchanges, and non-qualified investors can purchase Bitcoin and other assets worth 300,000 rubles (approximately $3,582) through a single intermediary, while qualified investors face no restrictions.

Russia's largest bank, Sberbank, plans to launch Bitcoin and cryptocurrency wallets and digital asset custody services in December. The bank expects that the trading volume of its new cryptocurrency business could reach 40 trillion rubles (approximately $4.7 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 made exceptions for international payments, likely aimed at circumventing Western sanctions. After the Russia-Ukraine conflict in 2022, the U.S. and Europe excluded Russia from the SWIFT system, and the Russian Finance Minister stated that the country's enterprises have been using Bitcoin to bypass related restrictions.