Russia clears first crypto exchange, custody operators under new law

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Russia okays first crypto operators

Highlights

The Bank of Russia published its first registers of authorized crypto operators, naming four exchanges and five digital custodians, including Sberbank and VTB Bank.
Sberbank plans to launch its first crypto products on Dec. 1, initially supporting Bitcoin, Ether, and USDt through SberBank Online and related platforms.
Russia's new crypto law, signed in August and overseen by the Bank of Russia, keeps the ban on crypto payments but enables supervised investment via regulated market infrastructure.

First approvals under Russia’s crypto regime

As reported by Cointelegraph, the Bank of Russia on Tuesday published its first registers of authorized cryptocurrency operators, naming four exchange operators and five digital custodians under the new law.

Sberbank was included on the custodian list alongside Atomyze, Voltari and Cloud Infrastructure. T-Invest Lab, Zefir and Sistema-Crypto were listed as crypto exchange operators, while VTB Bank appeared on both registers.

Sberbank said on Monday that it had applied for digital custodian status and plans to launch its first crypto products on Dec. 1. The bank said it initially plans to support Bitcoin, Ether and USDt through its SberBank Online, SberInvestments and SberBusiness platforms.

Bank oversight shapes market rollout

The registrations follow the crypto law signed by President Vladimir Putin in August, which creates a regulated framework for exchanges, custodians, brokers and investors. The legislation places the market under the oversight of the Bank of Russia.

The law still preserves Russia’s ban on using cryptocurrencies to pay for goods and services, indicating that the new regime is aimed at supervised investment and market infrastructure rather than broader retail payments. The inclusion of large banking groups in the first batch of approvals suggests traditional financial institutions are likely to play a central role in the sector’s early development.

We previously reported on estimates that Russian hostile activity is costing the UK economy at least £2 billion to £2.5 billion a year, driven largely by cyber incidents, disruption to businesses, and threats to critical infrastructure. Our earlier article highlighted reporting gaps and calls for a clearer methodology and regular public assessments to measure and counter these state-linked risks, especially in the digital domain.

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