Russia central bank says crypto industry could be legal by year-end

Russia’s crypto sector may operate under a legal framework by the end of 2026, as reported by Bitcoin Magazine.

Vladimir Chistyukhin, deputy governor of the country’s central bank, stated that regulatory work is proceeding on schedule, according to Interfax on Monday. He noted that the current phase involves drafting subordinate rules, which he described as "very large and significant."

Chistyukhin said, "Right now we are talking about creating subordinate regulation; it is very large and significant." He added that adjustments to internal rules might occur before 2026 ends.

President Vladimir Putin signed a bill governing digital currencies and digital rights in August. The law allows unqualified investors to purchase 300,000 rubles ($3,582) of bitcoin and other assets via a single intermediary, whereas qualified investors are exempt from caps.

Sberbank, Russia’s largest bank, intends to introduce a bitcoin and crypto wallet plus digital asset custody services by December. In August, the bank projected that its new crypto initiatives would generate 4 trillion rubles ($47 billion) in trading volume during the first year.

The use of digital assets for payments remains banned in Russia, a prohibition in place since 2022. Lawmakers have carved out an exception for international transactions.