Russia registers first crypto exchanges and custodians under new rules

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Russia has registered its first cryptocurrency exchange operators and custodians under regulations that took effect on 1 September.

The Bank of Russia added four exchange operators and five custodians to its new registers. Sberbank and VTB Bank are among the approved institutions, with VTB appearing on both lists.

Sberbank said it plans to launch its first crypto products on 1 December, initially offering Bitcoin, Ether and USDT through its existing banking and investment platforms.

The registrations follow legislation signed by President Vladimir Putin in August that placed crypto exchanges, custodians and brokers under the Bank of Russia’s supervision. The law continues to prohibit the use of crypto for payments for goods and services.