Russia approves inaugural crypto exchanges and custodial services under new regulatory framework
The Russian Federation has officially authorized its initial batch of cryptocurrency exchanges and custodial platforms, with Sberbank, the nation's leading financial institution, preparing to roll out digital asset services starting December 1.
The Russian Federation has officially authorized its inaugural cryptocurrency exchange platforms and digital asset custodians following the implementation of fresh crypto legislation that became effective on Sept. 1.
On Tuesday, the Bank of Russia released its initial registries of approved cryptocurrency operators, featuring four exchange platform operators and five custodial service providers.
Among the custodian registry, Sberbank, which holds the position as Russia's biggest banking institution, was included along with Atomyze, Voltari and Cloud Infrastructure. The crypto exchange operator registry includes T-Invest Lab, Zefir and Sistema-Crypto. VTB Bank has secured placement on both registries.
On Monday, Sberbank announced it had submitted its application for digital custodian authorization and intends to introduce its inaugural cryptocurrency products on Dec. 1. The banking institution stated its initial offerings will include support for Bitcoin (BTC), Ether (ETH) and USDt (USDT) accessible through its current SberBank Online, SberInvestments and SberBusiness platform infrastructure.
These registrations follow Russian President Vladimir Putin's signing of cryptocurrency legislation in August that established a regulated structure for exchanges, custodians, brokers and investors. The legislation places the marketplace under the Bank of Russia's regulatory supervision and preserves Russia's prohibition on utilizing crypto for purchasing goods and services.