Russia has approved its first regulated cryptocurrency exchange operators and digital depositories, moving the country's crypto regulation from legislation toward a formally supervised market infrastructure. The registrations turn the framework's provisions into named entities operating under central bank oversight, the point at which the law begins to function as an actual market structure.

The Bank of Russia completed the initial registrations on Oct. 6, authorizing four cryptocurrency trading operators and five digital asset custodians. The approvals came after the country's new digital-currency framework took effect on Sept. 1, and follow legislation signed by President Vladimir Putin in August that established rules for cryptocurrency trading, custody and brokerage activities.

Nine Firms Join the First Registers

Sberbank joined the digital depository register alongside Atomyze, VTB Bank and Cloud Infrastructure. The trading register includes VTB Bank, T-Invest Lab, Zefir and Sistema-Crypto.

VTB Bank secured authorization in both categories, allowing the institution to operate across trading and custody under the new rules. The two registers separate companies authorized to provide trading services from those responsible for holding and recording digital assets.

The approved firms form the first cohort of participants in Russia's supervised crypto market, and the presence of one of the country's largest financial institutions among the initial custodians brings established banking infrastructure directly into the new framework.

Registered companies must follow requirements covering cryptocurrency transactions and record-keeping. The new framework also gives the Bank of Russia responsibility for supervising registered market participants, and firms have until September next year to satisfy the full set of requirements established under the legislation. That deadline sets a defined window in which the first cohort must move from initial registration to full compliance under central bank supervision.

Sberbank Prepares First Crypto Products

Sberbank plans to introduce its first cryptocurrency products on Dec. 1 after obtaining custody registration. The bank intends to make Bitcoin, Ether and USDt available through its existing SberBank Online, SberInvestments and SberBusiness platforms.

The planned products will give Sberbank customers access to selected digital assets through the bank's existing financial services infrastructure. The registration also places one of Russia's largest financial institutions within the country's newly established crypto custody framework. The December date provides the first concrete point at which customers are scheduled to reach crypto products through a major Russian bank's existing channels, making it an early indicator of how the new structure works in practice.

Other registered firms will operate within the specific categories covered by their respective registrations.

Crypto Payments Remain Prohibited

The new framework allows regulated companies to provide certain cryptocurrency services while maintaining restrictions on the use of digital assets as a means of payment. Under the current rules, cryptocurrency cannot be used to settle payments for goods and services.

The separation between regulated crypto services and crypto payments forms part of the structure introduced by the new legislation. Companies can receive authorization for defined digital asset activities, while ordinary cryptocurrency payments remain outside the permitted framework. The practical effect for firms and their customers is that registration expands what authorized companies may do with digital assets, but it does not alter cryptocurrency's status as a prohibited means of payment.

The Bank of Russia will oversee registered trading and custody operators as they implement the requirements. The framework also sets rules for maintaining records of crypto transactions and for meeting other legal obligations.

New Rules Reshape Russia's Crypto Market

The registrations follow earlier steps by Russian authorities to allow selected digital asset products under controlled conditions. The Moscow Exchange has previously introduced Bitcoin futures, while the central bank has permitted certain cryptocurrency derivatives for qualified investors.

The latest approvals establish a formal list of companies authorized to provide trading and custody services. Sberbank's planned December launch will provide one of the first opportunities for customers to access crypto products through a major Russian bank under the new regulatory structure, with Bitcoin, Ether and USDt forming part of the initial asset offering. Beyond that launch, the September compliance deadline next year is the date to watch, as it marks when registered firms must complete the transition from registration to fully supervised operation.

This article is for informational purposes only and does not constitute financial, investment or legal advice. Cryptocurrency regulations, registration requirements and permitted activities may change as Russian authorities implement the new framework.

Source: The Market Periodical