Bank of Russia admits first crypto depositories

TLDR

Bank of Russia has formally registered Russias first crypto custodians and exchange operators, putting digital assets under a new state supervised framework.

1. The central bank approved five digital depositories and four exchange operators, including major banks Sberbank and VTB, under rules effective since 1 Sep.
2. These entities can offer regulated custody and trading in assets such as Bitcoin (BTC), Ether (ETH) and Tether (USDT), but crypto still cannot be used for ordinary domestic payments.
3. Initial bank backed products are expected around December, while firms have until September 2027 to fully comply with the law, a key timeline for Russias crypto market structure.

Deep Dive

1. What Was Approved

On 6 Oct, the Bank of Russia placed five firms on its digital depository register and four on its crypto exchange register, creating nine officially recognized operators under the new regime, including Sberbank and VTB Bank as custodians and VTB as both custodian and exchange operator, according to Tokenposts summary of the registrations and roles under the law that took effect on 1 Sep.

The framework comes from a crypto market law signed by President Vladimir Putin in August, which defines how exchanges, custodians, brokers and investors are supervised by the central bank and moves Russia from ad hoc tolerance to a formal licensing model, as outlined in a Crypto.news explanation of the new rules.

2. How Services Will Work For Users

Digital depositories can record and transfer digital currencies and related rights and give customers access to the addresses where their assets are held, while exchange operators can buy and sell digital currencies in their own name and with their own funds outside formal exchanges, as described in Crypto.news breakdown of depository versus exchange permissions.

Sberbank plans to launch its first crypto products on 1 Dec through SberBank Online and related platforms, initially supporting BTC, ETH and USDT, and VTB has similar plans via its investment app, according to Tokenposts reporting on bank product plans. For nonqualified investors, current rules cap annual purchases per intermediary at 300,000 rubles in those leading assets, adding a clear risk control layer for retail exposure.

3. Limits And Next Milestones

Despite these approvals, Russia still bans using cryptocurrencies to pay for goods and services domestically, even as it allows regulated investment and some cross border settlements, a point emphasized in Cointelegraphs coverage of the laws scope.

Registered firms must follow transaction and accounting rules immediately and bring their operations fully into line with remaining requirements by 1 Sep 2027, per Crypto.news. Over the next year or two, key signals will be how quickly major banks roll out services, what volumes flow through regulated channels, and whether the central bank tightens risk limits for bank balance sheet exposure to crypto.

Conclusion

Russias move to admit its first crypto depositories and exchanges shifts digital assets from a largely unregulated zone into a tightly controlled, bank centric infrastructure. For crypto users, it opens a path to custody and trading through major domestic institutions, but under strict limits on usage and investor caps. The main story to watch is whether these regulated rails grow into significant BTC, ETH and USDT channels by 2027 or remain a constrained side market within Russias broader financial system.