Russia’s Crypto Sector Edges Toward Legal Framework by Year-End, Central Bank Says

Russia’s cryptocurrency industry could be fully operational within a legal framework by the end of the year, reports indicate.

Central Bank Deputy Governor Vladimir Chistyukhin stated that regulatory efforts are progressing on schedule, according to Interfax.

Russia has advanced crypto legislation throughout 2026. President Vladimir Putin signed a law in August formalizing digital currency regulation and digital asset rights, though the use of Bitcoin for payments remains prohibited.

“We are currently focused on developing subordinate regulations — these are extensive and critical,” Chistyukhin said, noting that final adjustments to internal rules could be completed before the end of 2026.

Russia’s central bank has authorized Bitcoin trading for the public on domestic crypto exchanges. Under the law, unqualified investors may purchase up to 300,000 rubles ($3,582) worth of Bitcoin and other digital assets through a single intermediary, while qualified investors face no limits.

Sberbank, Russia’s largest bank, plans to launch a Bitcoin and cryptocurrency wallet along with digital asset custody services by December. The bank projected in August that trading volume from its new crypto offerings could reach 4 trillion rubles ($47 billion) in the first year.

The use of digital assets as a means of payment or legal tender has been banned in Russia since 2022.

Despite past public praise for Bitcoin from Putin, its use as a medium of exchange has long been outlawed.

Russian lawmakers have carved out an exception for international transactions — widely seen as a mechanism to circumvent Western sanctions.

The United States and European Union severed Russia’s access to the SWIFT payments system following its invasion of Ukraine in 2022, and Russian entities have reportedly turned to Bitcoin to bypass sanctions, according to the country’s finance minister.

Source link