[Russia's Crypto Industry May Operate Legally by Year-End, Central Bank Deputy Governor Says Regulation Progressing as Planned] According to a report by Jinse Finance, on September 22, Russia's Central Bank Deputy Governor Vladimir Chistyukhin stated that the country's crypto industry might already meet the conditions necessary for legal operation by the end of the year, with relevant regulations progressing as planned. According to Interfax, Chistyukhin mentioned that a large-scale and significant set of secondary regulatory rules is currently being developed, and the "fine-tuning" of internal rules is expected to be completed by the end of 2026. This year, Russia has been actively advancing crypto legislation. In August, President Putin signed a law establishing a framework for managing digital currencies and digital rights, though the use of Bitcoin for payments remains prohibited. The central bank has approved public trading of Bitcoin on domestic crypto exchanges, allowing non-qualified investors to purchase Bitcoin and other assets worth up to 300,000 rubles (approximately $3,582) through a single intermediary, while qualified investors face no such restrictions. Russia's largest bank, Sberbank, plans to launch Bitcoin and crypto wallets as well as digital asset custody services in December. In August, the bank estimated that the transaction volume of its new crypto business could reach 4 trillion rubles (approximately $47 billion) in its first year of operation. Since 2022, Russia has banned the use of digital assets as a means of payment or legal tender, but lawmakers have made exceptions for international payments, likely aimed at circumventing Western sanctions. Following the Russia-Ukraine conflict in 2022, the U.S. and Europe excluded Russia from the SWIFT system, and Russia's Finance Minister stated that the country's enterprises have been using Bitcoin to bypass related restrictions.