Russia has taken another major step toward building a regulated cryptocurrency market, registering its first four crypto exchange operators and five digital custodians under rules that came into effect on Sept. 1.
The Bank of Russia confirmed that the first companies have been admitted under transitional provisions of the country’s law “On Digital Currency and Digital Rights.” The framework allows approved businesses to begin operating while giving them until Sept. 1, 2027, to bring their operations fully in line with the new regulatory requirements.
Among the companies included in the first wave of registrations are some of Russia’s largest financial institutions.
Sberbank was added to the digital custodian register, while VTB Bank appeared on both the crypto exchange operator and digital custodian lists.
The digital custodian register also includes Atomyze, Voltari and Cloud Infrastructure.
Meanwhile, the first registered crypto exchange operators are VTB, Zefir, Sistema Crypto and T Invest Lab.
Their registration marks the beginning of a formal infrastructure for cryptocurrency trading and custody in Russia following legislation signed by President Vladimir Putin in August.
What can Russia’s registered crypto firms do?
The new framework separates the responsibilities of crypto exchange operators and digital custodians.
Digital custodians, also referred to as digital depositories, are allowed to maintain records of digital currencies and digital rights, process transfers and provide customers with access to the identifier addresses where their crypto assets are held.
Crypto exchange operators have a different function.
Registered exchanges are allowed to buy and sell digital currencies in their own name and using their own funds outside organized trading venues.
Companies must begin following the Bank of Russia’s transaction and accounting requirements as soon as they enter the official registers.
However, the transitional framework gives them until Sept. 1, 2027, to complete any remaining changes required under the new digital currency law.
The Bank of Russia has also established qualification standards for company management and certain senior officers, along with documentation requirements and procedures that regulators will use when deciding whether firms should be admitted.
Existing participants in Russia’s traditional financial markets may be able to use a simplified registration process when applying to become crypto exchange operators or digital custodians.
Russia introduced capital requirements for crypto custodians
Russia had already been preparing the regulatory foundation for these businesses before announcing the first registrations.
In July, the Bank of Russia published draft operating rules for cryptocurrency exchanges and digital depositories.
Those proposals included minimum capital requirements that vary depending on the services offered by each company.
Minimum equity requirements were set between 50 million rubles and 250 million rubles.
The exact amount depends on factors such as whether a company works with open distributed ledgers or provides post-trade settlement services.
Under the framework, digital depositories are treated in a similar way to traditional securities depositories.
They are expected to maintain accurate records of customer assets and information about individuals who have access to the system.
Sberbank prepares to launch crypto trading and custody services
Sberbank’s registration comes shortly before the Russian banking giant plans to launch its own cryptocurrency services.
The bank has set Dec. 1 as the target date for introducing crypto trading and custody services.
Its planned infrastructure is expected to support cryptocurrency trading, settlement and digital depository services.
Bitcoin, Ether and USDT are expected to be among the first cryptocurrencies available through Sberbank’s platform.
The bank plans to integrate the services into several of its existing platforms, including SberBank Online, SberInvestments and SberBusiness.
Sberbank has also been working on additional cryptocurrency-related financial products as Russia’s regulatory framework develops.
In August, the bank revealed plans to accept BTC, ETH and USDT as collateral for loans once the necessary regulatory approvals are obtained.
VTB is preparing its own cryptocurrency services on a similar timeline.
Deputy CEO Vitaly Sergeichuk previously said the bank expects to give a broad range of investors access to cryptocurrency trading through VTB My Investments as early as November.
VTB’s own cryptocurrency exchange is expected to launch in December.
Russia’s regulated crypto market begins taking shape
Russia’s primary cryptocurrency regulatory framework officially took effect on Sept. 1.
The new system places cryptocurrency trading, custody and certain cross-border transactions under the supervision of the Bank of Russia.
Under the rules, nonqualified investors can purchase eligible cryptocurrencies worth up to 300,000 rubles per year through each intermediary after completing a suitability test.
Qualified investors are not subject to the same annual purchasing limit, although testing requirements continue to apply.
Bitcoin, Ether and USDT were among the digital assets identified by the central bank as potentially meeting the requirements for retail trading due to their liquidity and established trading histories.
Despite allowing regulated cryptocurrency investment, Russia continues to prohibit the use of crypto to pay for ordinary goods and services within the country.
Separate regulations allow approved digital currencies to be used in certain cross-border transactions.
This gives Russian companies a legal route to use cryptocurrency for settlements related to international trade.
Russia tightens crypto identification and monitoring requirements
Regulatory oversight has continued to expand since the new market opened in September.
Russian customers opening accounts with digital custodians must provide their individual taxpayer identification number, known as an INN.
The requirement forms part of broader identity verification and transaction monitoring procedures.
Rosfinmonitoring has said taxpayer identification numbers will help improve transparency around cryptocurrency transactions.
Transfers exceeding specified limits are also expected to include information about both the payer and the recipient.
These rules indicate that while Russia is opening more formal channels for cryptocurrency activity, regulators are also placing strong emphasis on transparency and financial monitoring.
Bank of Russia proposes strict limits on lenders’ crypto exposure
The Bank of Russia is also considering limits on how much cryptocurrency-related risk traditional banks can take.
Under draft prudential rules, a bank’s combined exposure to cryptocurrencies and foreign digital instruments would be limited to 1% of its capital.
The framework would cover direct cryptocurrency holdings, crypto derivatives and other linked financial instruments.
Crypto exposures and certain related customer positions would also carry a 1,250% risk weight.
Such a high risk weighting would make it significantly more expensive for banks to hold large amounts of cryptocurrency exposure on their balance sheets.
Reporting requirements covering turnover in affected instruments, along with new prudential ratios, are expected to begin in January 2027.
Cryptocurrencies and foreign digital instruments would also be excluded from eligible collateral when banks calculate provisions for possible losses.
A transition period runs until September 2027
For companies already admitted to the Bank of Russia’s registers, some regulatory responsibilities begin immediately.
The newly registered crypto exchange operators and digital custodians must now comply with transaction and accounting requirements.
At the same time, the transitional framework gives the companies until Sept. 1, 2027, to complete the remaining operational and regulatory changes required under the digital currency law.
The registrations mark an important milestone in Russia’s evolving approach to cryptocurrency.
Instead of leaving crypto trading and custody largely outside the traditional financial system, the country is gradually introducing a regulated infrastructure involving major banks, specialized digital asset companies and stronger regulatory oversight.
Sberbank and VTB’s participation also shows that traditional financial institutions are expected to play a major role in Russia’s emerging cryptocurrency market.
With crypto trading and custody services expected from both banks in the coming months, the next phase will show how quickly Russian investors adopt these newly regulated services and how regulators balance market growth with financial stability and oversight.
