Russia is gearing up to roll out a legal crypto market by the end of the year. Vladimir Chistyukhin, First Deputy Governor of the Bank of Russia, said the regulator plans to adopt 27 new regulations by the end of October—a key step for launching the country’s updated crypto framework. According to Chistyukhin, the market could see new crypto industry players with expanded roles before 2025 kicks in.

27 New Rules to Shape the Crypto Landscape

This batch of 27 regulatory acts is set to lay down the legal ground rules for crypto transactions and infrastructure providers. Chistyukhin put the deadline at late October for wrapping up this package, after which the real-world rollout of these regulations can finally get underway.

New Players, New Powers

The regulator expects that, by year’s end, fresh faces will enter the Russian crypto scene with new powers—aiming to bring more order and legitimacy to the space. Chistyukhin linked this next phase to the completion of the legal framework and the green light for crypto infrastructure to start operating within the set timeline.

Retail Users: 20 Million Russians in Crypto

Deputy Finance Minister Ivan Chebeskov sized up just how deep Russians are into crypto: he says about 20 million people in the country already use crypto, with total citizen holdings at 3.7 trillion rubles. He shared these numbers as regulators finalize the details for a legal crypto market with clearly defined rules.