Russia Registers First Crypto Exchanges and Custodians Under New Law
Starting from September 1, Russia implemented a new regulatory framework for the cryptocurrency market. The Bank of Russia published its initial registers of authorized crypto operators, listing four exchange platforms and five custodians. Notable entries include the largest Russian bank, Sberbank, alongside VTB and other firms. The legislation puts the crypto market under the Central Bank's supervision while maintaining the ban on using cryptocurrencies as payment for goods and services.
First Registered Crypto Exchanges and Custodians
The Bank of Russia published its initial official list of cryptocurrency platform operators. Four crypto exchanges were registered: T-Invest Lab, Zefir, and Sistema-Crypto. Five digital custodians were also authorized, including major banks and tech firms.
Sberbank, Russia’s largest bank, was included among the custodians. Meanwhile, VTB Bank appears on both the exchanges and custodians lists. Other custodians listed are Atomyze, Voltari, and Cloud Infrastructure.
Sberbank announced plans to launch its first crypto products on December 1, initially supporting Bitcoin (BTC), Ether (ETH), and USDt (USDT) through its platforms: SberBank Online, SberInvestments, and SberBusiness.
Legal Framework and Market Regulation
In August, Russian President Vladimir Putin signed a law establishing a regulated framework for cryptocurrency exchanges, custodians, brokers and investors. The law places the crypto market under the supervision of the Bank of Russia.
At the same time, the legislation maintains Russia’s ban on using cryptocurrencies as payment for goods and services. Consequently, despite legalizing crypto operators’ activities, cryptocurrencies remain prohibited as a means of payment within the country.
The registration of crypto operators marks the initial implementation of the new law, which took effect on September 1, 2023. It enables licensed exchanges and custodians to operate legally under the oversight of the Central Bank of Russia.
Why it matters
This news is significant because Russia has officially legalized the operations of cryptocurrency exchanges and custodians for the first time, establishing a regulatory framework. This marks a shift from outright bans to a controlled integration of crypto into the economy. However, by maintaining the ban on cryptocurrency payments for goods, the authorities demonstrate a cautious regulatory stance — opening the market while imposing restrictions to mitigate risks for the financial system and consumers.
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