The Bank of Russia has registered the country's first exchange operators and digital depositories, formally opening its regulated cryptocurrency market. Nine organizations were added to official registers on Oct. 6, marking a major step in bringing digital assets under direct financial supervision.

State-controlled lenders Sberbank and VTB are among the approved participants, with VTB appearing on both the crypto exchange and digital depository registers. T-Invest Lab, Zefir and Sistema-Crypto were approved as exchange operators, while Sberbank, Voltari, Atomyze and Cloud Infrastructure join VTB as digital depositories.

The registrations follow Russia's new digital currency legislation, which took effect on Sept. 1 and gives the central bank oversight of crypto exchanges, depositories, brokers and other market participants. Placement on the registers is now the formal entry point for companies seeking to offer exchange and custody services legally under central bank supervision.

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 the 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 and can access Bitcoin, Ether and Tether's USDT under the current framework. Qualified investors, who meet eligibility criteria set under Russian financial market rules, will have broader access to cryptocurrencies traded through approved channels.

Russia also permits cryptocurrency use in certain cross-border trade settlements, while domestic cryptocurrency payments remain prohibited, leaving the ruble as the only permitted means of payment for transactions inside the country.

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, as reported by CoinDesk. With the registers now open, that December rollout is the nearest scheduled milestone for how the new market takes shape in practice.

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.