Russia Registers First Crypto Exchanges and Custodians as…

AI summary of the source article

The Bank of Russia has admitted four cryptocurrency exchange operators and five digital custodians to its newly established regulatory registers. Sberbank, Russia's largest lender, secured digital custodian status and plans to launch crypto products focusing on Bitcoin, Ether, and USDT on Dec. 1. VTB Bank achieved registration on both registers, enabling it to provide integrated trading and custody, with plans to expand investor access between November and December. The regulatory framework permits the regulated buying, selling, and custody of digital assets, while strictly maintaining the ban on using cryptocurrencies to pay for domestic goods and services.

Why it matters

By integrating major state-linked banks into regulated crypto custody and exchange operations, Russia is shifting digital asset trading from standalone platforms directly into mainstream banking infrastructure.

Key facts

• The Bank of Russia registered four crypto exchange operators and five digital custodians under its framework launched on Sept. 1.
• VTB Bank was approved for both exchange and custody operations, while Sberbank secured digital custodian status.
• The framework permits regulated trading, investment, and custody but maintains a ban on using cryptocurrencies for domestic payments.