Russia Approves First Crypto Trading Operators and Custody Firms: Details

Russia approved its first regulated cryptocurrency exchange operators and digital depositories on Oct. 6. The Bank of Russia made the registrations after the country’s new digital-currency framework took effect on Sept. 1.

Sberbank joined the digital depository register, while VTB Bank secured authorization in both categories. The approvals move Russia crypto regulation from legislation toward a formally supervised market infrastructure.

Bank of Russia Registers Nine Crypto Firms

The Bank of Russia completed the first registrations on October 6, covering four cryptocurrency trading operators and five digital asset custodians. The registrations follow legislation signed by President Vladimir Putin in August that established rules for cryptocurrency trading, custody and brokerage activities.

The custody register includes Sberbank, Atomyze, VTB Bank and Cloud Infrastructure. The trading register includes VTB Bank, T-Invest Lab, Zefir and Sistema-Crypto. The two registers separate companies authorized to provide trading services from those responsible for holding and recording digital assets.

Registered companies must follow requirements covering cryptocurrency transactions and record-keeping. The new framework also gives the Bank of Russia responsibility for supervising the registered market participants. Firms have until September next year to satisfy the full set of requirements established under the legislation.

Sberbank Prepares First Crypto Products

Sberbank plans to introduce its first cryptocurrency products on December 1 after obtaining custody registration. The bank intends to make Bitcoin, Ether and USDt available through its existing SberBank Online, SberInvestments and SberBusiness platforms.

The planned products will give Sberbank customers access to selected digital assets through the bank’s existing financial services infrastructure. The bank’s registration also places one of Russia’s largest financial institutions within the country’s newly established crypto custody framework.

VTB Bank has also secured positions on both the trading and custody registers. The dual registration allows the bank to operate across both areas under the new rules. Other registered firms will operate within the specific categories covered by their respective registrations.

Crypto Payments Remain Prohibited

Russia’s new framework allows regulated companies to provide certain cryptocurrency services while maintaining restrictions on the use of digital assets as a means of payment. Cryptocurrency cannot be used to settle payments for goods and services under the current rules.

The Bank of Russia will oversee registered trading and custody operators as they implement the requirements. The framework also sets rules for maintaining records of crypto transactions and meeting other legal obligations.

The separation between regulated crypto services and crypto payments forms part of the structure introduced by the new legislation. Companies can receive authorization for defined digital asset activities, while ordinary cryptocurrency payments remain outside the permitted framework.

New Rules Reshape Russia’s Crypto Market

The new registrations follow earlier steps by Russian authorities to allow selected digital asset products under controlled conditions. The Moscow Exchange has previously introduced Bitcoin futures, while the central bank has permitted certain cryptocurrency derivatives for qualified investors.

The latest registrations establish a formal list of companies authorized to provide trading and custody services.

Sberbank’s planned December launch will provide one of the first opportunities for customers to access crypto products through a major Russian bank under the new regulatory structure. Bitcoin and Ether will form part of the initial asset offering, alongside USDt.

This article is for informational purposes only and does not constitute financial, investment or legal advice. Cryptocurrency regulations, registration requirements and permitted activities may change as Russian authorities implement the new framework.