The Bank of Russia has published its first crypto operator registers, naming VTB Bank and Sberbank among authorised firms.
The registers, released under rules that took effect on 1 September 2026, cover two categories of market participants: cryptocurrency exchange operators and digital custodians. Four companies appear on the exchange operator list and five on the custodian list, with VTB Bank the only entity included in both. Sberbank, listed as a custodian, plans to introduce its first crypto products on 1 December 2026, with support for Bitcoin, Ether, and USDT.
From legislation to supervised operators
The registers follow the crypto law signed by Russian President Vladimir Putin in August 2026, which set out a framework for exchanges, custodians, brokers, and investors. Oversight of the market sits with the Bank of Russia, and the publication of named operators moves the regime from statute towards practical implementation.
Under the central bank’s explanation of the rules, non-qualified investors may buy most liquid cryptocurrencies up to USD 3,515 per year, through a single intermediary and only after passing a test. Qualified investors must also pass a test, but face no cap on purchases or sales.
Market participants have until 1 July 2027 to obtain licences and bring their operations into line with the new requirements. Registration has therefore begun while the wider transition period remains open, leaving other firms time to seek authorisation before the deadline.
Composition of the first registers
The exchange operator register names T-Invest Lab, Zefir, Sistema-Crypto, and VTB Bank. The custody register lists Sberbank, Atomyze, Voltari, Cloud Infrastructure, and VTB Bank. VTB’s presence in both registers places it across trading as well as asset safekeeping.
The inclusion of two banks gives the initial lists a notable banking component, although several non-bank firms also feature, and the announcement does not position either bank as the sole or principal operator in the market.
Sberbank has stated that it applied for digital custodian status and intends to offer its first crypto products through its existing platforms, SberBank Online, SberInvestments, and SberBusiness.
Domestic payment restrictions remain in place
The registers formalise access to exchange and custody services within a supervised structure, but they leave the restriction on domestic crypto payments untouched: cryptocurrency still cannot be used to pay for ordinary goods and services in Russia.
With annual purchase limits for non-qualified investors and the ban on payment use both still in force, the question for the Russian market has shifted from whether regulated channels exist to how much activity those channels can accommodate within these constraints.
