Russia registers first crypto operators under new rules
Russia has reportedly registered its first four crypto exchange operators and five digital depositories, bringing major banks into a supervised digital-asset framework. Registration clears a path to regulated services, but it does not make crypto legal tender for everyday domestic payments or confirm that the banks’ announced services have launched.
- VTB is listed in both categories; Sberbank is listed as a digital depository.
- Transaction and accounting rules apply from registration; the remaining requirements are due by Sept. 1, 2027.
- Investor limits and bank safeguards constrain the opening, while some prudential measures remain proposals.
- The year for the framework’s Sept. 1 start and the banks’ announced launch dates is not specified in the available reporting.
Who is on Russia’s first registers?
Crypto.news reports that Sberbank, VTB Bank, Atomyze, Voltari and Cloud Infrastructure are registered as digital depositories. VTB, Zefir, Sistema Crypto and T Invest Lab are registered as exchange operators. VTB appears on both lists.
The registrations were made under transitional provisions of the law “On Digital Currency and Digital Rights.” Crypto.news reports that President Vladimir Putin signed the law in August and that the framework took effect on Sept. 1. The report does not specify the year for either date.
Under the transition, registered firms can operate while bringing their businesses into line with the framework. They must follow transaction and accounting rules from the date they enter the registers. The remaining requirements are due by Sept. 1, 2027, though the available reporting does not detail what each firm still needs to do.
What does registration allow?
A digital depository records digital currencies and digital rights, processes transfers and gives customers access to identifier addresses associated with their assets. Its record-keeping role is similar to that of a traditional securities depository. The reported description does not explain how firms will manage private keys, separate customer assets or protect them against loss. Those details matter when assessing custody in practice.
The registered exchange operators have a more specific reported role: they may buy and sell digital currencies in their own name and with their own funds, outside organized trading venues. That does not necessarily mean they will run conventional exchanges that match customer orders. Registration alone also does not confirm that every planned customer-facing service is ready to operate.
Banks have announced plans, not confirmed launches
Sberbank set Dec. 1 as a target to launch crypto trading and custody, initially planning to support assets including Bitcoin, Ether and USDT. The services were expected to be available through SberBank Online, SberInvestments and SberBusiness. The year for the target date is not specified, and available reporting does not confirm whether the services launched.
In August, Sberbank also announced plans to accept BTC, ETH and USDT as loan collateral, subject to regulatory approval. That was a plan, not confirmation that customers can borrow against those assets.
VTB Deputy CEO Vitaly Sergeichuk said the bank expected to offer digital-currency trading through VTB My Investments as early as November, followed by its own crypto exchange in December. The year is unspecified, and the reported timetable does not establish whether either service became available.
These plans show how large banks could give customers familiar ways into crypto markets. But a bank-branded interface does not answer practical questions about asset custody, customer protections, fees or the precise services on offer.
Investor access remains restricted
Under the reported rules, nonqualified investors may buy eligible cryptocurrencies worth up to 300, 000 rubles per year through each intermediary, after passing a suitability test. Qualified investors do not face the same annual ceiling, though testing requirements remain. Available information does not explain what the test covers or how the per-intermediary limit works in practice. It should not be treated as a simple invitation to multiply an allowance across providers.
The Bank of Russia identified Bitcoin, Ether and USDT as assets that could meet retail-trading criteria based on liquidity and trading history. That does not guarantee every registered firm will offer them or that retail access will be unrestricted.
Crypto remains prohibited for paying for ordinary goods and services inside Russia, according to the reporting. Separate rules allow certain approved uses in cross-border transactions. Those exceptions do not grant general permission to use bitcoin or stablecoins for domestic purchases.
Customers opening accounts with digital depositories must provide an individual taxpayer identification number, or INN. Transfers above specified thresholds require information about the payer and recipient, but the thresholds are not given. Rosfinmonitoring has said that collecting INNs can improve transparency around crypto transactions.
Some bank safeguards are still proposals
Draft prudential rules would cap banks’ combined risk from cryptocurrencies and foreign digital instruments at 1% of capital. They would also assign a 1, 250% risk weight to crypto exposure and certain customer positions. A risk weight is used to calculate risk-weighted assets. A 1, 250% risk weight does not mean a bank must hold cash equal to 1, 250% of its exposure.
The proposed rules would also require banks to report turnover in affected instruments and introduce new prudential ratios from January 2027. Cryptocurrencies and foreign digital instruments would not count as collateral when banks calculate provisions for potential losses. These measures are described as draft or expected rules, not confirmed final requirements.
Separately, draft operating rules published by the Bank of Russia in July proposed minimum equity requirements of between 50 million and 250 million rubles for digital depositories. The amount would depend on factors such as whether a depository uses open distributed ledgers or provides post-trade settlement services. Available reporting does not establish whether the figures were adopted unchanged.
Russia is setting up supervised channels for digital-asset trading and record-keeping, with major banks among the first reported entrants. But registration is not the same as full compliance, and it does not prove customer services are live. Investor limits, payment restrictions and a cautious proposed approach to bank exposure keep the opening firmly bounded.
Key questions and answers
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Which firms were registered?
Crypto.news reports that VTB, Zefir, Sistema Crypto and T Invest Lab were listed as exchange operators. Sberbank, VTB Bank, Atomyze, Voltari and Cloud Infrastructure were listed as digital depositories.
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Can crypto be used for everyday purchases in Russia?
No. Ordinary domestic payments remain prohibited, although certain approved cross-border uses are permitted.
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What is the reported limit for nonqualified investors?
Up to 300, 000 rubles per year through each intermediary, after a suitability test. Available reporting does not explain the test or how the per-intermediary limit applies in detail.
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Have Sberbank and VTB launched their planned services?
The reported dates are targets, not confirmed launch dates, and the calendar years are unspecified.
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Are the proposed bank exposure rules final?
The 1% capital cap, 1, 250% risk weight and related reporting measures are described as draft or expected rules. Available reporting does not establish their final status.
