Russia clears first crypto exchanges, custodians under new law
Russia registered its first crypto exchanges and custodians, including its largest bank, Sberbank, which plans to launch crypto products on Dec. 1.
Russia has officially registered its first cryptocurrency exchanges and custodians under new regulations that took effect on September 1. The Bank of Russia published its initial list of authorized crypto operators, which includes four exchange operators and five custodians. Among the listed custodians is Russia's largest bank, Sberbank, alongside Atomyze, Voltari, and Cloud Infrastructure.
Crypto exchange operators on the list include T-Invest Lab, Zefir, and Sistema-Crypto. VTB Bank is also listed on both the exchange and custodian lists.
Sberbank announced on Monday that it applied for digital custodian status and intends to launch its first crypto products on December 1. The bank plans to support Bitcoin (BTC), Ether (ETH), and USDt (USDT) via its existing platforms, SberBank Online, SberInvestments, and SberBusiness. These registrations come after Russian President Vladimir Putin signed a crypto law in August that established a regulated framework for exchanges, custodians, brokers, and investors.
The law places the market under the Bank of Russia's oversight and maintains Russia's prohibition on using cryptocurrencies to pay for goods and services.
Notably, Russia's digital ruble accounts surpassed 220,000 in their first month, nearly quadrupling the central bank's initial forecast.
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