Russia has registered its first cryptocurrency exchanges and custodians under a new legal framework, including its largest bank, Sberbank, which plans to launch crypto products on December 1.
Under new cryptocurrency regulations effective September 1 in Russia, the first cryptocurrency exchange operators and digital custodians have been registered.
On Tuesday, the Central Bank of Russia published its first list of authorized crypto operators, including four exchange operators and five custodians.
The Russian Federation Savings Bank, Russia’s largest bank, has been added to the list of custodians, which also includes Atomyze, Voltari, and Cloud Infrastructure. T-Invest Lab, Zefir, and Sistema-Crypto appear on the list of cryptocurrency exchange operators. VTB Bank appears on both lists.
On Monday, Sberbank of Russia stated that it has applied for a digital custodian license and plans to launch its first cryptocurrency products on December 1. The bank said that initially, it will support Bitcoin (BTC), Ethereum (ETH), and USDt (USDT) through its existing SberBank Online, SberInvestments, and SberBusiness platforms.
These registrations took place after Russian President Vladimir Putin signed a cryptocurrency law in August. The law establishes a regulated framework for exchanges, custodians, brokers, and investors, placing the market under the supervision of the Central Bank of Russia, while maintaining Russia’s prohibition on using cryptocurrencies to pay for goods and services.
Related report: Digital ruble accounts in Russia surpassed 220,000 in the first month, nearly four times the central bank's forecast.