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Cryptocurrency market in Russia: the path to legalization
The Bank of Russia intends to officially allow cryptocurrency trading as early as 2026. However, alongside legalization, a mechanism for liability will be launched: starting in 2027, administrative and even criminal sanctions will be applied for operations with digital assets outside the legal framework.
This initiative was announced at the annual conference "Finopolis," where the regulator and representatives of the financial sector discussed the current state of affairs and future regulation of the crypto industry in the country.
These countries are actively working on forming a friendly ecosystem to attract Russian entrepreneurs and investors who are currently forced to operate in the "gray zone" due to the lack of clear rules at home.
«It is extremely important for us to adopt a comprehensive law on crypto investments by 2026. During this period, a licensing mechanism should also be established - it is quite possible that by the end of the year, the first legal companies authorized to work with digital assets will appear».
According to him, the second stage involves the introduction of strict liability measures for illegal cryptocurrency circulation. However, to avoid shocking the market, the regulator intends to give participants at least a year to adapt: to legalize activities, align business processes with new norms, and obtain the necessary permits.
«Only after that - approximately from 2027 - will amendments to the Administrative Offenses Code and the Criminal Code come into force, which will establish clear liability frameworks for operations with crypto assets outside the supervisory system», Chistyukhin explained.
Thus, the Russian authorities are betting on a phased and balanced approach: first, create a legal framework, and then - ensure its compliance. This could be a key step towards bringing capital and specialists back to the domestic jurisdiction.
This initiative was announced at the annual conference "Finopolis," where the regulator and representatives of the financial sector discussed the current state of affairs and future regulation of the crypto industry in the country.
Russia is lagging behind - neighbors are moving forward
Market participants unanimously agree: in terms of cryptocurrency regulation, Russia is seriously lagging behind several CIS countries. For instance, Alexander Vedyakhin, the first deputy chairman of Sberbank, as well as representatives of the Moscow Exchange and former deputy chairman of the Central Bank Sergey Shvetsov noted that Belarus, Kazakhstan, Kyrgyzstan, and Armenia have already created attractive legal conditions for crypto investors.These countries are actively working on forming a friendly ecosystem to attract Russian entrepreneurs and investors who are currently forced to operate in the "gray zone" due to the lack of clear rules at home.
Two-stage plan of the Central Bank: first legalization, then control
The first deputy chairman of the Bank of Russia, Vasily Chistyukhin, detailed the regulation strategy:«It is extremely important for us to adopt a comprehensive law on crypto investments by 2026. During this period, a licensing mechanism should also be established - it is quite possible that by the end of the year, the first legal companies authorized to work with digital assets will appear».
According to him, the second stage involves the introduction of strict liability measures for illegal cryptocurrency circulation. However, to avoid shocking the market, the regulator intends to give participants at least a year to adapt: to legalize activities, align business processes with new norms, and obtain the necessary permits.
«Only after that - approximately from 2027 - will amendments to the Administrative Offenses Code and the Criminal Code come into force, which will establish clear liability frameworks for operations with crypto assets outside the supervisory system», Chistyukhin explained.
Thus, the Russian authorities are betting on a phased and balanced approach: first, create a legal framework, and then - ensure its compliance. This could be a key step towards bringing capital and specialists back to the domestic jurisdiction.
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