Russia is preparing to launch its first fully regulated domestic cryptocurrency market before the end of 2026, following legislation that took effect on Sept. 1. Bank of Russia First Deputy Governor Vladimir Chistyukhin said on Sept. 21 that regulators were completing 27 implementing acts, including seven primary regulations and 20 secondary measures. Six of the seven primary acts had been submitted to the Ministry of Justice, while the remaining measures were targeted for adoption by the end of October. The framework would replace the existing crypto-market gray zone with registered legal operators and penalties for non-compliant businesses, which may continue under transitional arrangements until July 1, 2027. Licensed crypto exchanges would handle spot trading, while specialized digital depositories would provide custody and settlement services under Bank of Russia supervision. Depositories would require capital of 50 million to 250 million rubles, depending on their activities. Approved assets would be placed on a central bank white list, with non-qualified investors subject to a 300,000-ruble annual purchase limit per intermediary after passing a financial-literacy test. Qualified investors would face no such limit after competency testing. Commercial banks would be restricted to aggregate crypto exposure equal to 1% of total capital, including spot holdings, derivatives and exposure to foreign digital financial assets, with reporting beginning in January 2027. Crypto payments would remain prohibited for domestic goods, services and contracts, while digital assets could be used for cross-border trade settlements. Sberbank forecasts licensed domestic exchange volume of $46 billion in the first year, while Bank of Russia data estimates Russian residents and companies hold about $44 billion in crypto assets. The central bank has also warned that foreign stablecoin holders bear the risk of losses if issuers freeze assets or face sanctions.