Russia clears first crypto exchanges, custodians under new law

What happened

Russia's central bank published its first registers of authorized crypto operators on Tuesday, listing four exchange operators and five custodians. Sberbank, the country's largest bank, was added to the custodian list alongside Atomyze, Voltari and Cloud Infrastructure. T-Invest Lab, Zefir and Sistema Crypto are on the crypto exchange operator list, and VTB Bank appears on both registers.

The registrations follow rules that took effect on Sept. 1. President Vladimir Putin signed the crypto law in August, creating a framework for exchanges, custodians, brokers and investors. The law puts the market under the Bank of Russia's oversight and maintains the ban on using crypto to pay for goods and services. Registered exchange operators can buy and sell digital currencies in their own name using their own funds outside organized trading venues, while custodians can record assets, transfers and customer access to crypto addresses. Sberbank plans to launch crypto trading and custody services on Dec. 1, initially supporting Bitcoin, Ether and USDT.

Why it matters

The registers place the first group of financial institutions and crypto businesses inside the regulated infrastructure created by the August law. Registered firms must follow transaction and accounting rules from the date they enter the registers, and they have until Sept. 1, 2027 to bring their operations fully in line with the framework. Because the payment ban stays, the regulated perimeter covers trading and custody rather than payments.

What the data shows

• The first registers list four crypto exchange operators and five custodians.
• The Bank of Russia's July draft rules set minimum equity for digital depositories between 50 million rubles and 250 million rubles.
• Registered firms have until Sept. 1, 2027 to meet the remaining requirements.
• Sberbank targets Dec. 1 for launching crypto trading and custody services, initially supporting Bitcoin, Ether and USDT.

Background

Crypto rules in Russia took effect on Sept. 1, and the first registrations followed the central bank's admission rules. In July, the Bank of Russia published draft operating rules that included capital requirements for digital depositories based on the services they provide. Existing financial market participants can use a simplified admission process when applying to operate as a crypto exchange or digital depository.

What is still unclear

• The reports do not state which year Sberbank's Dec. 1 launch target falls in.

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