The Bank of Russia has authorized nine financial institutions and companies to operate within the country's newly regulated cryptocurrency market, marking a significant milestone in its digital asset legislation.
On October 6, the central bank announced that four organizations had entered its official register of cryptocurrency exchange providers, while another five received authorization to operate as digital depositories offering custody-related services.
The approvals follow Russia's Law on Digital Currencies and Digital Rights, which entered into force on September 1, 2026, establishing a legal framework for cryptocurrency trading, storage and investment.
The regulator explained that the initial registrations were granted through transitional provisions allowing eligible institutions to enter the market while completing compliance preparations.
According to the central bank, the first registrations represent an important step toward developing regulated cryptocurrency infrastructure in Russia.
Crypto Firms Must Meet New Regulatory Requirements
The newly registered organizations must immediately follow Russia's requirements for executing, recording and reporting transactions involving digital currencies and digital rights.
However, they have until September 1, 2027, to bring their operations into full compliance with the broader regulatory framework.
The central bank established its registration procedures in September, including requirements covering management qualifications, application documents and supervisory approval.
Those rules became effective on October 5, when applications could begin under the new system. Existing financial institutions also benefit from simplified admission procedures compared with newly established crypto businesses.
The framework introduces two distinct categories of authorized service providers, separating cryptocurrency exchange operations from the custody and recordkeeping functions performed by digital depositories.
Sberbank and VTB Enter the Crypto Custody Market
Russia's two largest banks, Sberbank and VTB, are among the first institutions authorized to provide digital depository services.
The remaining three registered custodians are Atomyze, Voltari and Cloud Infrastructure, bringing the initial total to five.
Digital depositories can maintain records of cryptocurrency holdings, facilitate transfers of digital assets and provide customers with access to blockchain addresses associated with their assets.
VTB has also received authorization to operate as a cryptocurrency exchange provider, giving it a position in both newly established categories.
The bank expects to introduce cryptocurrency trading through VTB My Investments in November 2026, followed by services through its own crypto exchange in December, according to comments reported by Interfax.
The registrations highlight the role established banking institutions are taking in Russia's emerging regulated cryptocurrency market.
Four Companies Receive Crypto Exchange Authorization
Alongside VTB, the Bank of Russia registered T-Invest Lab, Zefir and Sistema Crypto as authorized cryptocurrency exchange providers.
T-Invest Lab is associated with T-Bank, one of Russia's major digital banking institutions, formerly known as Tinkoff Bank.
Under the new framework, registered cryptocurrency exchange providers can purchase and sell digital currencies on their own behalf and for their own account outside organized trading venues.
This distinguishes their permitted activities from the responsibilities of digital depositories, which primarily handle asset records, custody-related services and transfers.
The registrations establish an initial group of authorized intermediaries through which cryptocurrency transactions can take place under Russian supervision.
Additional institutions may seek authorization as the market develops, although applicants must satisfy the central bank's requirements before receiving access.
Russia Builds a Regulated Cryptocurrency Market
The approvals follow a substantial shift in Russia's approach to cryptocurrency regulation.
After years of maintaining restrictive policies toward digital assets, Russian authorities introduced legislation allowing regulated cryptocurrency investment, trading and storage, while retaining restrictions on domestic cryptocurrency payments.
The new framework places licensed financial intermediaries at the center of the market, including for transactions involving transfers to wallets outside Russia.
It also arrives against the backdrop of Western financial sanctions imposed following Russia's invasion of Ukraine, which have restricted access to parts of the international banking system.
Several institutions entering the new cryptocurrency market, including Sberbank, VTB and Atomyze, are themselves subject to Western sanctions, creating additional considerations for international counterparties.
The Bank of Russia has emphasized that registered companies must comply with applicable transaction rules from the moment they enter the official registers.
The initial nine approvals therefore represent the beginning of Russia's regulated crypto infrastructure, rather than unrestricted access to cryptocurrency services.
With major banks and specialized digital asset companies now authorized, Russia has established its first formal group of cryptocurrency service providers under the legislation introduced in September.
