Russia’s Inaugural Cryptocurrency Exchange Registration
In a significant move towards digital finance, Russia has officially registered its inaugural cryptocurrency exchange operators and custodian entities, a process initiated under new legislation that came into force on September 1. Among the institutions recognized, Russia’s leading financial entity, Sberbank, is set to introduce its first crypto-related products on December 1.
Licensed Crypto Operators
On Tuesday, the Bank of Russia revealed its initial registers of licensed crypto operators, which include four exchange platforms and five custody firms. Notable entities on this list include:
- Sberbank
- Atomyze
- Voltari
- Cloud Infrastructure
While crypto exchange operators comprise:
- T-Invest Lab
- Zefir
- Sistema-Crypto
Interestingly, VTB Bank has been recognized on both lists.
Sberbank’s Digital Custodian Approval
Sberbank announced its application for digital custodian approval late last week and indicated that it aims to facilitate trading in Bitcoin (BTC), Ether (ETH), and USDt (USDT) through its various online platforms, namely SberBank Online, SberInvestments, and SberBusiness.
Legislative Framework for Cryptocurrency
The move towards cryptocurrency regulation follows President Vladimir Putin’s endorsement of a crypto law in August, which established a formal framework governing exchanges, custodians, brokers, and investors in an effort to provide clarity and security in a rapidly evolving digital economy. This legislation also mandates that the Bank of Russia supervises the cryptocurrency market while reinforcing the country’s existing prohibition against using cryptocurrencies for purchasing goods and services.
