Russia registers first regulated crypto exchanges

TLDR

Russia has officially licensed its first crypto exchanges and custodians, creating a state-regulated market while still banning crypto for everyday payments.

1. The Bank of Russia registered four exchange operators and five custodians, including major banks Sberbank and VTB, under a new law effective Sept. 1.
2. Retail access will initially focus on Bitcoin (BTC), Ethereum (ETH) and Tether (USDT), with strict annual limits and a transition period until 2027 for full compliance.
3. The move signals Russia is formalizing crypto trading and custody, not embracing crypto as money, and could reshape regional liquidity once bank platforms launch in late 2026.

Deep Dive

1. New Operators And Legal Framework

Under Russias law On Digital Currency and Digital Rights, the Bank of Russia has published its first official registers of authorized crypto operators.

Five digital custodians were admitted: Sberbank, VTB Bank, Atomyze, Voltari and Cloud Infrastructure, while four firms were registered as exchange operators: VTB, T Invest Lab, Zefir and Sistema Crypto, with VTB appearing on both lists as a custodian and exchange operator. This creates a supervised infrastructure for holding and trading crypto under central bank oversight rather than a free market. Reports from multiple outlets, including Crypto.news and Cointelegraph, confirm these registrations and their legal basis in the August crypto law and its Sept. 1 start date.

2. Access For Russian Users

For Russian residents, this is mainly about regulated investment products, not everyday spending. Sberbank plans to launch crypto offerings on Dec. 1 through its existing online banking platforms, initially supporting Bitcoin, Ether and USDt, according to its own statements and media coverage.

Rules limit nonqualified retail investors to those major assets, with a cap of 300,000 rubles per year per intermediary, and crypto still cannot be used to pay for normal goods and services in Russia. Registered firms must immediately follow transaction and accounting rules and have until Sept. 1, 2027 to fully meet the new framework.

3. Global Context And What To Watch

Russias move contrasts with slower progress on comprehensive crypto market rules in jurisdictions like the United States, where major legislation has stalled while regulators rely on piecemeal guidance. A regulated, bank-centric model may attract institutional and conservative capital but keep speculative activity constrained.

Key things to watch next are Sberbank and VTBs actual product launch in November and December, whether more operators are admitted to the registers, and how Russia uses this infrastructure for cross border settlements. The framework also includes prudential proposals that cap banks combined exposure to crypto and certain foreign digital instruments, which will shape how large Russian institutions allocate to digital assets.

Conclusion

Russia has shifted from a largely grey crypto environment to a tightly regulated one that channels trading and custody through a handful of licensed banks and infrastructure providers. This should improve legal clarity and custody protections for Russian users, while preserving state control and limits on usage and risk. For the broader market, the main impact will come if these newly regulated platforms drive meaningful new demand for BTC, ETH and USDT or unlock new cross border flows once their services go live.