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Russia clears first crypto exchanges, custodians under new law
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- DeepHorus
Russia has registered its first cryptocurrency exchange operators and digital custodians under a new regulatory framework that took effect on Sept. 1, marking a major step in the country's effort to bring digital assets under formal state oversight. The Bank of Russia published its first official registers of authorized crypto operators this Tuesday, listing four exchange operators and five custodians. The move signals that Russia intends to build a controlled, centrally supervised crypto market rather than push activity into unregulated channels.
The registrations follow a crypto law signed by Russian President Vladimir Putin in August, which created a regulated framework covering exchanges, custodians, brokers and investors. Under the legislation, the entire market falls under the Bank of Russia's supervision. Importantly, the law maintains Russia's existing ban on using cryptocurrency to pay for goods and services, meaning the digital assets are being legalized for trading and custody purposes only, not as a payment mechanism.
Among the custodians named to the register, Russia's largest bank, Sberbank, is the most prominent addition. It is joined by Atomyze, Voltari and Cloud Infrastructure. On the exchange operator side, the Bank of Russia listed T-Invest Lab, Zefir and Sistema-Crypto, while VTB Bank appears on both lists, giving it a dual role in the newly regulated ecosystem.
Sberbank announced on Monday that it had applied for digital custodian status and plans to launch its first crypto products on Dec. 1. The bank said it initially intends to support Bitcoin (BTC), Ether (ETH) and the stablecoin USDt (USDT). These services will be delivered through its existing SberBank Online, SberInvestments and SberBusiness platforms, allowing it to reach retail and corporate clients without building new infrastructure from scratch.
The entry of major state-linked banks like Sberbank and VTB into the crypto sector is significant because it potentially channels a large share of Russia's digital asset activity into institutions that are directly answerable to regulators. By embedding crypto services within established banking platforms, authorities gain greater visibility into transactions and custody practices. The inclusion of stablecoins such as USDt also highlights how dollar-linked tokens remain central to trading even as Russia seeks alternatives to Western financial systems.
The development comes alongside other digital finance initiatives in Russia, including the digital ruble, whose accounts topped 220,000 in the first month, nearly four times the central bank's forecast. This suggests strong public appetite for state-backed digital financial products alongside privately issued cryptocurrencies.
Looking ahead, the Dec. 1 launch of Sberbank's crypto products will be a key test of how smoothly the new rules operate in practice. Further additions to the registers are possible as more firms seek authorization, and the Bank of Russia will likely refine its oversight as the market develops. The balance between fostering digital asset innovation and preserving the payment ban will shape Russia's crypto landscape in the coming months.
