Russia has registered the first batch of crypto exchanges and custodian institutions under the new legal framework, including its largest bank – the Federal Savings Bank of Russia ( Sberbank ), which plans to launch crypto products on December 1st.
Under the new crypto regulatory rules that came into effect on September 1 in Russia, the first batch of cryptocurrency exchange operators and digital custodian institutions were registered.
The Central Bank of Russia announced on Tuesday the list of the first batch of authorized crypto operators, which includes 4 exchange operators and 5 custodian institutions.
Russia's largest bank, the Federal Savings Bank of Russia, has been included in the list of custodian institutions, which also includes Atomyze, Voltari, and Cloud Infrastructure. T- Invest Lab, Zefir, and Sistema-Crypto appear on the list of cryptocurrency exchange operators. VTB Bank is listed on both lists.
The Federal Savings Bank of Russia stated on Monday that it has applied for the qualifications to become a digital custodian institution and plans to launch its first batch of crypto products on December 1st. The bank mentioned that in the initial phase, it will support Bitcoin ( BTC ), Ethereum ( ETH ), and USDt ( USDT ) through the existing SberBank Online , SberInvestments , and SberBusiness platforms.
These registrations took place after Russian President Vladimir Putin signed an encryption law in August. The law establishes a regulated framework for exchanges, custodian institutions, brokers, and investors, and places the market under the supervision of the Russian Central Bank, while maintaining Russia's ban on using cryptocurrencies to pay for goods and services.
Relevant reports: The number of digital ruble accounts in Russia exceeded 220,000 in the first month, nearly four times the central bank's forecast.
