Russia's cryptocurrency industry may be positioned to operate legally by year-end, according to statements from the country's central bank. Deputy Governor Vladimir Chistyukhin told Interfax that regulatory efforts are proceeding as scheduled, with subordinate regulations and internal rule refinements potentially completed before the end of 2026.
President Vladimir Putin signed legislation in August to formally regulate digital currencies and digital rights in Russia. However, using bitcoin for payments remains prohibited within the country.
Russia's central bank has already approved bitcoin trading for the public through the country's crypto exchanges. Unqualified investors can purchase up to 300,000 rubles (approximately $3,582) of bitcoin and other assets through a single intermediary, while qualified investors face no purchase limits.
Sberbank, Russia's largest bank, announced plans to launch a bitcoin and cryptocurrency wallet alongside digital asset custody services by December. The bank previously stated it expected trading volume from this crypto rollout to reach 4 trillion rubles (approximately $47 billion) in the first year.
Digital assets have been prohibited as a means of payment or legal tender in Russia since 2022. Lawmakers have made an exception for international payments, a provision analysts attribute largely to helping Russian companies circumvent Western sanctions following the 2022 invasion of Ukraine. After the U.S. and European governments disconnected Russia from the SWIFT payments system, Russian companies have increasingly relied on bitcoin for international transactions.
