Bank of Russia clears 17 crypto exchangers as Sberbank and VTB ready retail trading - DL News

Russia has authorized firms to trade digital currencies and to record ownership of those assets. The system began under the law “On Digital Currencies and Digital Rights,” which took effect on 1 September. This brings crypto trading inside Russia’s regulated financial system for the first time.

Sberbank and VTB were among the first approved digital depositories. VTB also joined the exchange register on 6 October, while Sberbank joined on 12 October. Holding both statuses lets a bank buy and sell crypto in its own name while recording and transferring clients’ holdings.

The banks are preparing services for ordinary customers. VTB expects access through VTB My Investments in November and through its own exchange in December 2026. Sberbank plans its first crypto products for 1 December, subject to regulations. Retail customers will face annual limits and testing.

The Bank of Russia’s crypto exchange provider register now contains 17 firms. The latest addition was Prosto LLC, listed on Thursday in a notice on the regulator’s website. The register had only four members when it opened on 6 October.

A separate register covers digital depositories. These entities record which clients own which digital currencies, transfer assets, and provide access to the addresses where holdings are kept. That register now contains eight members.

The figures show how quickly Russia is building a regulated crypto market. Sberbank and VTB are among the approved participants, alongside newer firms and units linked to T-Technologies. Banks and other licensed institutions can reportedly join through a simplified procedure taking one working day. Existing registrants have until 1 September 2027 to align fully with the law.

A crypto exchange provider is authorized to trade digital currencies for its own account outside organized trading venues. Its main function is buying and selling coins within the regulated framework.

A digital depository performs a different job. It records and transfers digital assets, keeps track of clients’ holdings, and gives clients access to the addresses where those assets are held. In simple terms, the exchange role handles transactions, while the depository role maintains ownership records and custody-related access.

Sberbank and VTB hold both statuses. That means each bank can buy and sell crypto in its own name and maintain records of customer holdings. VTB’s broker used its new digital depository to settle its first stablecoin deals for corporate clients on 6 October. The two functions together support retail and business services.

Non-qualified, or ordinary, investors will face two main safeguards. They must pass a test before buying cryptocurrency, and they may purchase only the most liquid cryptocurrencies. Their annual purchases are capped at 300,000 roubles through any one intermediary.

Qualified investors must also pass the test, according to the central bank’s rules. However, they can buy and sell any cryptocurrency without a stated annual limit. The distinction therefore concerns both the types of assets available and the amount investors may trade.

These rules apply as Russia opens regulated crypto services to retail customers. VTB and Sberbank are preparing launches through their banking applications and exchanges. The article gives the retail limit as about $3,800. It also says using crypto to pay for domestic goods and services remains banned, even as trading becomes permitted.

From 1 July 2027, Russian residents will be allowed to trade cryptocurrency only through intermediaries listed in the official registers. This would shift legal trading toward approved banks and other licensed institutions, rather than informal or unregistered channels.

The central bank says the change would effectively end peer-to-peer crypto trading settled through Russian bank accounts. Today, the article distinguishes such future restrictions from the expanding register, where firms can join through a simplified one-working-day procedure.

Authorities also plan to introduce penalties for unlicensed crypto intermediaries from the same date. The penalties would mirror those for illegal banking. Firms already on the registers have until 1 September 2027 to bring their operations fully into line with the law, so the transition will overlap with the new trading requirement.

Russia’s rules draw a boundary between international business settlements and domestic consumer payments. Exporters and importers may use cryptocurrency for cross-border settlements without restrictions, either through intermediaries or directly from any type of wallet.

Inside Russia, however, using crypto to pay for goods and services remains banned. Sberbank has already launched crypto payments for companies involved in foreign trade. The bank says wallet-to-wallet transfers take a couple of minutes, have no minimum payment, and cost about 0.3% on average.

The article presents these as separate legal uses but does not explain why policymakers chose the distinction. It says Sberbank’s service followed a central bank pilot that operated under an experimental legal regime since September 2024. Thus, crypto is being tested as a cross-border settlement tool while domestic payment use remains prohibited.

Cryptocurrency is a digital asset that can be transferred electronically without a central physical form. A blockchain is a shared digital ledger. It records transactions in a sequence that participants can verify. The article itself discusses digital currencies and wallets but does not define these foundations.

A wallet generally contains cryptographic keys, not coins stored like cash. A private key authorizes a transfer, while a public address identifies where assets can be sent. When someone transfers cryptocurrency, the network checks the transaction and records it on the ledger. Ownership is represented by control of the relevant keys.

This can allow transfers without a traditional bank account, although people may use intermediaries such as exchanges. Russia’s new framework adds regulated providers and depositories. It does not remove the underlying wallet system. The explanation in this answer uses established world knowledge beyond the article.