Russia Opens Regulated Crypto Market as Sberbank, VTB Enter First Registries

Russia has taken a major step toward putting cryptocurrency activity under a formal regulatory framework, with the Bank of Russia registering the country's first digital-asset depositories and cryptocurrency exchange operators, including major banks Sberbank and VTB.

The Bank of Russia said on October 6 that five organizations had been added to its digital depository register and four to its register of cryptocurrency exchange operators. The registrations follow legislation on digital currencies and digital rights that came into force on September 1, establishing a legal framework for cryptocurrency activity in Russia.

The development moves Russia beyond legislation and toward a functioning regulated market, with established financial institutions now becoming part of the infrastructure for cryptocurrency custody, trading and settlement.

Sberbank and VTB Join First Crypto Registries

Sberbank and VTB were among the first institutions admitted to Russia's digital depository register. The other registered depositories are Voltari, Cloud Infrastructure and Atomyze.

The cryptocurrency exchange register includes VTB, Zefir, Sistema Crypto and T-Invest Lab, according to the Bank of Russia.

Digital depositories can provide services for recording and transferring digital currencies and digital rights and give clients access to the blockchain addresses where those assets are recorded. Crypto exchange operators can buy and sell digital currencies on their own behalf and for their own account outside organized trading venues.

The registrations are based on transitional provisions in Russia's new digital-currency legislation. Registered participants have until September 1, 2027, to bring their activities fully into line with the new legal requirements.

VTB Already Completes First Stablecoin Transactions

The development is already moving beyond registration.

VTB said its broker has completed its first digital-currency transactions for corporate clients, involving stablecoins. Settlement was carried out through digital accounts at a digital depository using VTB's depository infrastructure, according to the bank.

VTB also plans to expand access to cryptocurrency trading. The bank expects to make digital-currency trading available to a wider group of investors through its VTB My Investments platform in November, followed by access through its own crypto exchange in December, according to Interfax.

Sberbank has also said it plans to launch its first cryptocurrency products on December 1, although the timing depends on regulatory implementation and the Bank of Russia's decision on its application.

Russia Puts Banks at the Center of Crypto Infrastructure

The registrations place major domestic financial institutions at the center of Russia's emerging regulated cryptocurrency market.

The Bank of Russia established the admission process for digital depositories and cryptocurrency exchanges in September, with the relevant rules taking effect on October 5. The framework includes qualification requirements for management and certain senior officers, as well as a simplified admission procedure for some existing financial-market participants.

The country's new framework allows cryptocurrency transactions through exchanges, brokers and trustees, while also establishing the new roles of cryptocurrency exchanges and digital depositories. Qualified investors will be able to trade cryptocurrencies without the limits applicable to non-qualified investors. Non-qualified investors will initially be restricted to Bitcoin, Ethereum and USDT and subject to an annual purchase limit of 300,000 rubles through one intermediary.

The framework also permits cryptocurrency to be used for cross-border settlements by exporters and importers, creating a potential institutional use case beyond investment and trading.

From Crypto Legislation to Live Market Infrastructure

The first registrations mark a shift in Russia's approach from establishing rules for cryptocurrency toward building regulated infrastructure around it.

The involvement of Sberbank and VTB is particularly significant because it brings two of the country's largest banks into the formal crypto market, alongside specialist platforms and financial-technology companies.

VTB's first stablecoin transactions provide an early example of how the new infrastructure can be used by corporate clients, while the planned expansion of retail access by VTB and Sberbank points to a broader rollout of regulated crypto services.

Sberbank had previously projected that regulated cryptocurrency exchange activity in Russia could reach around 4 trillion rubles, or roughly $46 billion, during the first year of the new framework.

Russia still prohibits cryptocurrency from being used as a domestic means of payment for goods and services. But with the first regulated exchanges and digital depositories now registered and banks already processing initial stablecoin transactions, the country is moving from setting rules for crypto to building the financial infrastructure through which crypto can operate.