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[Russia's crypto industry may operate legally by year-end; central bank deputy governor says regulation is progressing as planned]
Vladimir Chistyukhin, Deputy Governor of the Bank of Russia, said the country's crypto industry may have the conditions required to operate legally by year-end, with related regulation progressing as planned. According to Interfax, Chistyukhin said that extensive and significant secondary regulatory rules are currently being developed, and the “fine-tuning” of internal rules is expected to be completed by the end of 2026. Russia has continued advancing crypto legislation this year. President Putin signed a law in August establishing a framework for managing digital currencies and digital rights, but the use of Bitcoin for payments remains prohibited. The central bank has approved public trading of Bitcoin on the country's crypto exchanges. Non-qualified investors may purchase Bitcoin and other assets worth 300,000 rubles (approximately 3,582 U.S. dollars) through a single intermediary, while qualified investors face no restrictions. Russia's largest bank, Sberbank, plans to launch Bitcoin and crypto wallets and digital-asset custody services in December. In August, the bank projected that transaction volume could reach 4 trillion rubles (approximately 47 billion U.S. dollars) in the first year after its new crypto business launches. Since 2022, Russia has prohibited the use of digital assets as a means of payment or legal tender, but lawmakers have left an exception for international payments, likely intended to circumvent Western sanctions. After the Russia-Ukraine conflict in 2022, the United States and Europe excluded Russia from the SWIFT system. Russia's finance minister said the country's companies have been using Bitcoin to bypass the related restrictions.
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