Russia Opens Its First Regulated Crypto Exchange and Custody Network
Russia has formally opened its regulated cryptocurrency market to its first exchange operators and digital depositories. The Bank of Russia added nine organizations to official registers on Oct. 6, marking a major step in bringing digital assets under direct financial supervision.
The approved participants include state-controlled lenders Sberbank and VTB. VTB appears on both the crypto exchange and digital depository registers. The other approved entities include T-Invest Lab, Zefir and Sistema-Crypto as exchange operators, while Sberbank, Voltari, Atomyze and Cloud Infrastructure join VTB as digital depositories.
The move follows Russia’s new digital currency legislation, which took effect on Sept. 1. The framework gives the central bank oversight of crypto exchanges, depositories, brokers and other market participants.
New regulated market takes shape
Under the new rules, crypto exchanges can buy and sell digital currencies on their own behalf and at their own expense outside organized trading venues. Digital depositories can record and transfer digital currencies and digital rights while giving clients access to addresses where assets are held.
The Bank of Russia has also imposed limits on retail participation. Non-qualified investors will initially face a 300,000-ruble annual purchase limit through a single intermediary. They can access Bitcoin, Ether and Tether’s USDT under the current framework.
Qualified investors will have broader access to cryptocurrencies traded through approved channels. Russia also permits crypto use in certain cross-border trade settlements, while domestic cryptocurrency payments remain prohibited.
Banks take a central role
The participation of Sberbank and VTB highlights the role traditional financial institutions will play in Russia’s emerging crypto market. VTB has already completed a stablecoin transaction for corporate clients using digital depository infrastructure.
Sberbank plans to introduce its first crypto products on Dec. 1, subject to regulatory readiness. The bank has said its initial offering will support Bitcoin, Ether and USDT through its existing investment and banking platforms.
The registrations give Russia’s cryptocurrency industry its first formal infrastructure for exchange and custody. They also reinforce the Bank of Russia’s strategy of allowing digital assets while keeping market access and financial institutions under close regulatory control.
