Russia Licenses First Official Cryptocurrency Exchanges and Custodians

Sberbank, the nation’s largest lender, headlines the list of digital depositories alongside VTB Bank, Atomyze, Voltari, and Cloud Infrastructure. VTB holds a dual mandate, appearing on the register for both exchange operations and custody services. Other newly registered exchange operators include Zefir, Sistema Crypto, and T Invest Lab. These entities are now authorized to facilitate digital asset transactions and maintain secure storage, though they must fully align their operations with comprehensive federal requirements by September 1, 2027.

Sberbank is moving rapidly to leverage its new status, targeting a December 1 launch for its crypto trading and custody services. The lender plans to integrate these offerings directly into its existing platforms, including SberBank Online, with initial support for Bitcoin, Ether, and USDT. VTB is tracking a similar timeline, with plans to provide investment access to digital currencies through its VTB My Investments interface before the end of the year.

The regulatory environment remains strict. While these firms can now process digital assets, the central bank maintains a prohibition on using cryptocurrencies for domestic payments. Furthermore, the Bank of Russia has proposed capping bank exposure to crypto-assets at 1% of their total capital, signaling a cautious approach to integrating volatile digital instruments into the broader financial system.