The Russian crypto industry may achieve a legal operating framework by the end of this year, according to Vladimir Chistyukhin, deputy governor of the Central Bank of Russia. The official noted that the regulatory process is proceeding as scheduled, with additional subordinate regulations currently under development.
In August, President Vladimir Putin signed legislation establishing rules for digital currencies and rights. While trading is permitted, the use of bitcoin as a payment method remains prohibited within the country. Lawmakers have, however, created an exception for international settlements to facilitate cross-border transactions.
The Central Bank has authorized public bitcoin trading on domestic exchanges. Unqualified investors are limited to purchasing assets worth 300 000 ₽ per intermediary, while qualified investors face no such restrictions. Sberbank plans to launch a crypto wallet and custody services by December.
Sberbank projects that trading volume for its new digital asset services could reach 4 ₽ trillion within the first year of operation. Although domestic payments remain banned, the Russian finance minister has indicated that companies are utilizing bitcoin to bypass international sanctions following the disconnection from SWIFT.
