Russia has officially entered a new phase of digital asset regulation by registering its first batch of cryptocurrency exchange operators and digital custodians. The milestone development follows the implementation of comprehensive crypto regulations that officially took effect on September 1, marking a significant shift in how the country approaches decentralized finance, blockchain technology, and institutional crypto integration.
On Tuesday, the Bank of Russia published its inaugural official registers containing the newly authorized crypto market operators. The regulatory framework officially lists four exchange operators and five digital custodians authorized to conduct business within the legal boundaries established by the Russian government. This centralized oversight brings long-awaited clarity to the nation’s burgeoning digital asset sector, creating a structured environment for financial institutions and specialized technology firms alike.
Among the prominent entities added to the custodian list is Sberbank, Russia’s largest financial institution and banking powerhouse. Sberbank was approved alongside several other organizations, including Atomyze, Voltari, and Cloud Infrastructure. Meanwhile, the separate list of approved crypto exchange operators features T-Invest Lab, Zefir, and Sistema-Crypto. Notably, VTB Bank secured a place on both registers, positioning itself to operate across multiple facets of the newly regulated digital asset landscape.
The official registrations build upon legislative momentum initiated earlier this year. In August, Russian President Vladimir Putin signed a landmark cryptocurrency law that established a robust regulatory framework governing exchanges, custodians, brokers, and retail and institutional investors. Under this legislation, the entire digital asset market falls under the direct regulatory oversight of the Bank of Russia. Despite opening the door for regulated institutional participation, the law maintains Russia’s strict longstanding ban on using cryptocurrency to pay for goods and services domestically, ensuring that the ruble remains the sole legal tender for commercial transactions within the country.
Demonstrating the rapid pace of institutional adoption under the new rules, Sberbank announced on Monday that it had successfully applied for digital custodian status and outlined ambitious plans to launch its first consumer-facing crypto products on December 1. According to the bank’s official communications, the upcoming product rollout will initially support major digital assets, specifically Bitcoin, Ether, and the stablecoin USDt. Sberbank intends to integrate these offerings seamlessly into its existing digital infrastructure, making them accessible through the SberBank Online, SberInvestments, and SberBusiness platforms.
The introduction of these regulated entities and the upcoming product launch by the country’s dominant lender represent a major turning point for Russia’s financial sector. As the Bank of Russia assumes its supervisory role, market participants across the newly minted registers are preparing to navigate a formalized regulatory environment that balances technological innovation with strict state oversight.
