The Bank of Russia said four organizations have entered its register of cryptocurrency exchange operators and five have been registered as digital custodians. VTB Bank appears on both lists, while Russia’s largest lender, Sberbank, has secured digital custodian status ahead of plans to begin offering crypto products on Dec. 1.
The registrations follow the Sept. 1 introduction of Russia’s comprehensive cryptocurrency law, which permits regulated buying, selling and custody of digital assets while maintaining the country’s prohibition on using cryptocurrencies to pay for goods and services.
Which Firms Have Entered Russia’s Regulated Crypto Market?
The first digital custodian register includes Sberbank, VTB Bank, Atomyze, Voltari and Cloud Infrastructure. VTB, T-Invest Lab, Zefir and Sistema-Crypto have been registered as cryptocurrency exchange operators.
Under the framework, digital custodians can record and transfer cryptocurrencies and digital rights and provide customers with access to addresses where those assets are held. Registered exchange operators can buy and sell cryptocurrencies in their own name and for their own account outside organized trading venues.
The distinction creates separate regulated layers for custody and exchange activity rather than treating every crypto intermediary as the same type of institution. VTB’s presence in both registers could give it an advantage in offering an integrated trading and custody service, while other participants initially specialize in one part of the market.
The Bank of Russia said registered firms must begin complying with rules governing cryptocurrency transactions and recordkeeping once admitted. Existing operators using transitional arrangements have until Sept. 1, 2027 to bring their activities fully into line with the new legislation.
Investor Takeaway
The publication of the first registers is more important than another policy announcement: Russia now has identifiable institutions authorized to provide core crypto-market infrastructure. The next test is whether those approvals translate into meaningful retail and institutional trading volume.
How Quickly Could Sberbank and VTB Bring Crypto to Clients?
Sberbank said it intends to launch its first cryptocurrency products on Dec. 1 through SberBank Online, SberInvestments and SberBusiness, initially focusing on Bitcoin, Ether and Tether’s USDT. The bank had applied for custodian status immediately before appearing in the first register.
The launch would extend Sberbank’s existing digital-asset strategy. The lender previously outlined plans to accept Bitcoin, Ether and USDT as collateral for conventional loans, subject to the necessary regulatory approvals.
VTB is moving on a similar timetable. The bank has said it expects to give a wider group of investors access to digital currency transactions through VTB My Investments as early as November, followed by direct access through its cryptocurrency exchange in December. Its broker has already conducted digital-currency transactions for corporate customers, including a stablecoin transaction settled using digital-depository infrastructure.
The involvement of two of Russia’s largest banks changes the competitive dynamics of the new market. Instead of crypto trading developing primarily through standalone exchanges, the first phase is likely to be closely connected to existing banking, brokerage and investment platforms.
Investor Takeaway
Sberbank and VTB already have large customer bases, compliance systems and financial-market infrastructure. If they can embed crypto access inside existing banking and investment applications, regulated adoption could scale faster than a market dependent on new specialist platforms acquiring customers from scratch.
What Does the First Register Change for Russia’s Crypto Framework?
Russia spent much of 2026 building the legal and operational rules needed to bring cryptocurrency activity inside its financial system. The Bank of Russia said in September that regulators were working through a package of 27 implementing measures as officials targeted a functioning regulated crypto market before the end of 2026.
The first registrations show that timetable is being met. They also clarify how Russia intends to handle a market that it has legalized as an investment and financial asset without recognizing cryptocurrency as domestic money.
That separation remains central to the framework. Investors may buy, hold and sell qualifying digital assets through supervised intermediaries, but businesses generally cannot accept crypto as payment for goods and services. The legislation therefore channels cryptocurrency toward trading, investment, custody and selected cross-border use rather than everyday domestic payments.
Retail participation is also controlled. Under the framework introduced in September, non-qualified investors face annual purchase limits through individual intermediaries, while qualified investors receive broader access. The Bank of Russia also determines which digital assets satisfy the criteria for regulated trading, with Bitcoin, Ether and USDT among the assets initially considered for the market.
What Comes Next?
The most important developments will now move from licensing to execution. Sberbank’s planned Dec. 1 rollout and VTB’s proposed November and December launches will provide the first indication of customer demand, spreads, liquidity and how closely Russian crypto products resemble conventional exchange trading.
The regulator will also need to expand the registers if the market is to develop beyond its first group of banks and infrastructure providers. Earlier in the year, Alfa-Bank was among the institutions preparing crypto services ahead of the regulatory rollout, while the legislation created routes for brokers, asset managers and other financial intermediaries to participate.
Russia has therefore moved beyond simply legalizing cryptocurrency trading. It is beginning to build a bank-centered, centrally supervised market around it, while keeping crypto outside the domestic payments system.
