Russia's Crypto Industry Set to Operate by Year-End

Russia's crypto industry may begin legal operations by year-end as regulations progress. Central bank deputy governor Vladimir Chistyukhin confirmed that regulatory developments are on schedule. In August, President Vladimir Putin signed a law regulating digital currencies and rights, although bitcoin payments remain banned. Chistyukhin noted that subordinate regulations are significant and could be refined by the end of 2026. The central bank has approved public Bitcoin trading on crypto exchanges, allowing unqualified investors to purchase up to 300000 rubles worth of bitcoin through one intermediary, while qualified investors face no limits. Sberbank plans to launch a Bitcoin and crypto wallet along with digital asset custody by December, expecting a trading volume of 4 trillion rubles in the first year. The use of digital assets as payment has been prohibited since 2022, despite past praise from Putin for Bitcoin. Lawmakers have allowed exceptions for international payments, likely to circumvent Western sanctions imposed after the 2022 invasion of Ukraine.

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