The Bank of Russia has registered its first four crypto exchange operators and five digital custodians under the regulated market that opened Sept. 1, with Sberbank approved as a custodian. Russia's largest lender plans to launch Bitcoin, Ether and USDT trading and custody services on Dec. 1.
The Bank of Russia published its first register of approved crypto firms on Oct. 6, clearing four trading-platform operators and five digital-asset custodians under the country's new digital-currency law. Sberbank joined the custody register alongside Atomyze, Voltari and Cloud Infrastructure, while VTB Bank appears on both the custody and exchange-operator lists. Zefir, Sistema Crypto and T Invest Lab round out the approved exchange operators.
What registered firms can do
Digital custodians can record digital currencies and digital rights, process transfers, and give customers access to the identifier addresses where their assets are held. Crypto exchange operators, by contrast, can buy and sell digital currencies in their own name and with their own funds outside organized trading venues. Existing financial institutions can use a simplified admission process to join either register, but every registered firm must bring its operations fully in line with the law by Sept. 1, 2027.
Sberbank targets a December launch
Sberbank has set Dec. 1 as its target date for launching crypto trading and custody services, with Bitcoin, Ether and USDT as the first supported assets. The bank will offer the services through its existing SberBank Online, SberInvestments and SberBusiness platforms. VTB is moving on a similar timetable: Deputy CEO Vitaly Sergeichuk said the bank expects to give investors access to crypto trading through VTB My Investments as early as November, with its own exchange following in December.
Retail limits and rules still ahead
Nonqualified investors can buy eligible cryptocurrencies worth up to 300,000 rubles per year through each intermediary after completing a suitability test, while qualified investors face no annual cap but still must pass testing requirements. The central bank identified Bitcoin, Ether and USDT as assets that could meet the liquidity and trading-history criteria for retail trading. However, Russia continues to prohibit using cryptocurrencies to pay for goods and services. The Bank of Russia has also proposed capping banks' combined crypto exposure at 1% of capital under draft prudential rules. Under those rules, crypto holdings would carry a 1,250% risk weight. Reporting requirements tied to the new ratios are expected to begin in January 2027.
Sources: crypto.news, CoinGape
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