Russia clears first crypto exchanges, custodians under new law
Reported by Cointelegraph · AI-assisted summary by ChikoCorp AI News Desk
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Summary
Russia has registered its first cryptocurrency exchange operators and digital custodians under new regulations effective September 1. The Bank of Russia published the initial list featuring four exchange operators and five custodians, including major institutions such as Sberbank and VTB Bank. Sberbank plans to launch crypto products on December 1, initially supporting Bitcoin, Ether, and USDt.
Why it matters
This development marks the formal regulation and authorization of crypto exchanges and custodians in Russia, placing the market under the oversight of the Bank of Russia. It represents a legal framework designed to structure crypto activities, although Russia continues to ban crypto payments for goods and services.
Key context
The registrations follow a crypto law signed by President Vladimir Putin in August, establishing a regulatory framework for exchanges, custodians, brokers, and investors. The law does not legalize crypto payments but regulates market participants under central bank supervision.
Key numbers and entities
The Bank of Russia’s register lists four exchange operators—T-Invest Lab, Zefir, Sistema-Crypto, and one other unnamed—and five custodians including Sberbank, Atomyze, Voltari, and Cloud Infrastructure. VTB Bank appears on both the operator and custodian lists. Sberbank will support Bitcoin (BTC), Ether (ETH), and USDt (USDT) through its platforms starting December 1.
What remains unclear
The source does not detail the full list of all registered operators and custodians, specific regulatory requirements imposed by the new law, or how market participants will comply with the ongoing ban on crypto payments. The impact of these registrations on the broader Russian crypto market is also not explained.