Russia approves first crypto exchanges and custodians under new rules

Russia has registered its first four cryptocurrency exchange operators and five digital custodians under the regulated crypto market that opened on Sept. 1.

Summary

• Russia has registered its first four cryptocurrency exchange operators and five digital custodians under regulations that took effect on Sept. 1.
• Sberbank was registered as a digital custodian, while VTB appeared on both the crypto exchange operator and custodian lists.
• Registered exchanges can buy and sell digital currencies using their own funds, while custodians can record assets, transfers and customer access to crypto addresses.
• Sberbank plans to launch crypto trading and custody services on Dec. 1, initially supporting Bitcoin, Ether and USDT.
• Registered firms must follow transaction and accounting rules immediately and bring their operations fully in line with the new framework by Sept. 1, 2027.

According to the Bank of Russia, the first companies were admitted under transitional provisions of the country's law "On Digital Currency and Digital Rights," allowing them to operate while bringing their businesses fully in line with the new requirements by Sept. 1, 2027.

Russia's largest lender, Sberbank, was included in the digital depository register alongside VTB Bank, Atomyze, Voltari and Cloud Infrastructure. VTB appeared in both registers, with the crypto exchange operator list comprising VTB, Zefir, Sistema Crypto and T Invest Lab.

Their registration puts the first group of financial institutions and crypto businesses inside the regulated infrastructure created by the law signed by President Vladimir Putin in August.

What can the registered firms do?

Digital depositories can record digital currencies and digital rights, process transfers and provide customers with access to identifier addresses where their assets are held.

Crypto exchange operators have a different role. They can buy and sell digital currencies in their own name and using their own funds outside organized trading venues.

Companies must follow transaction and accounting rules from the date they enter the registers, while the transitional period gives them until September 2027 to meet the remaining requirements.

The registrations follow rules published by the central bank covering how crypto exchanges and digital depositories can enter the market. The regulator set qualification standards for management and certain officers, documentation requirements and procedures for deciding whether a company should be admitted.

Existing financial market participants can use a simplified admission process when applying to operate as a crypto exchange or digital depository.

Russia had been preparing the infrastructure before the first registrations. In July, the Bank of Russia published draft operating rules that included capital requirements for digital depositories based on the services they provide.

Minimum equity was set between 50 million rubles and 250 million rubles, with the amount depending on factors such as whether a company works with open distributed ledgers or provides post trade settlement services.

The rules treat digital depositories in a similar way to traditional securities depositories, requiring them to keep records of assets and information on customers with access to the system.

Sberbank prepares its crypto services

Sberbank's inclusion comes shortly before the lender plans to begin offering its own crypto infrastructure to customers.

The bank has set Dec. 1 as the target for launching crypto trading and custody, with its planned infrastructure covering trading, settlement and digital depository services.

Bitcoin, Ether and USDT are expected to be among the first supported assets. Sberbank plans to make crypto services available through its existing SberBank Online, SberInvestments and SberBusiness platforms.

Sberbank has been working on other crypto products as the regulatory framework takes shape. In August, the lender disclosed plans to accept BTC, ETH and USDT as collateral for loans once the required regulatory approvals are in place.

VTB is moving on a similar timetable. Deputy CEO Vitaly Sergeichuk said the bank expects to provide a wide range of investors with access to digital currency trading through VTB My Investments as early as November, while its own crypto exchange is expected to follow in December.

Russia's regulated crypto market is taking shape

Russia's main crypto framework took effect on Sept. 1, placing trading, custody and certain cross border transactions under Bank of Russia supervision.

As crypto.news previously reported, nonqualified investors can buy eligible cryptocurrencies worth up to 300,000 rubles per year through each intermediary after completing a suitability test.

Qualified investors can trade without the same annual purchase ceiling, although testing requirements remain.

Bitcoin, Ether and USDT were identified by the central bank as assets that could meet the criteria for retail trading based on liquidity and trading history. Russia continues to prohibit cryptocurrencies from being used to pay for ordinary goods and services inside the country.

Separate rules permit approved use of digital currencies in certain cross border transactions, giving Russian companies a legal route for crypto settlements in foreign trade.

Oversight requirements have continued to develop since the September market opening. Russian customers opening accounts with digital depositories are required to provide their individual taxpayer identification number, or INN, as part of identity and transaction monitoring requirements.

Rosfinmonitoring has said the identifier will be used to improve transparency around crypto transactions, while transfers exceeding specified thresholds require information on the payer and recipient.

The Bank of Russia has separately proposed limits on how much exposure banks can take while entering the market. Under draft prudential rules, lenders' combined risk from cryptocurrencies and foreign digital instruments would be capped at 1% of their capital.

Direct crypto holdings, derivatives and other linked instruments would fall within the framework, while crypto exposure and certain customer positions would carry a 1,250% risk weight.

Reporting requirements covering turnover in the affected instruments and new prudential ratios are expected to begin in January 2027. Cryptocurrencies and foreign digital instruments would not qualify as collateral when banks calculate provisions for potential losses.

For the first registered exchanges and depositories, the immediate requirements began when their names entered the Bank of Russia's registers. Each must now follow the regulator's transaction and accounting rules while completing the remaining changes needed to comply with the digital currency law by Sept. 1, 2027.

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