Russia Sees End-of-Year Launch for Legally Operating Cryptocurrency Industry

Russian central bank deputy governor Vladimir Chistyakov believes that the country's cryptocurrency industry may be ready to operate legally by the end of the year. He stated that relevant regulations are being implemented as planned.

Chistyakov mentioned that secondary regulatory rules are currently being drafted, and 'micro-adjustments' to internal rules could be completed by the end of 2026. This comes after Russia has continued to advance its cryptocurrency legislation throughout the year.

In August, President Putin signed a law establishing a framework for managing digital currency and rights. However, using Bitcoin as a payment method is still prohibited. The central bank has approved public trading of Bitcoin on local exchanges, with non-qualified investors allowed to purchase up to 30 million rubles (approximately $3,582) worth of Bitcoin and other assets through a single intermediary.

Russia's largest bank, Sberbank, plans to launch Bitcoin and cryptocurrency wallet services by December. The bank estimated that new cryptocurrency business could reach 400 billion rubles ($4.7 billion) in annual transactions by next year.