Russia Approves First Four Crypto Exchanges and Five Digital Depositories
The Bank of Russia approved nine organizations for its newly regulated cryptocurrency market on Oct. 6. Four received crypto-exchange status, while five entered the digital depository register. VTB appears on both lists, while Sberbank joined the depository register.
The approvals follow Russia’s cryptocurrency law, which took effect Sept. 1 and created a regulated framework for crypto trading and custody. The central bank says exchanges can buy and sell cryptocurrencies, while digital depositories can record and transfer digital assets and provide access to asset addresses.
VTB said it expects to offer crypto trading through VTB My Investments as early as November or December, followed by its own crypto exchange. Sberbank also plans to introduce crypto products, adding institutional banking infrastructure to Russia’s expanding digital-asset market.
Why it matters
The approvals move Russia's crypto market from regulation into supervised market infrastructure. Greater involvement by major banks could accelerate institutional access while keeping activity under central bank oversight.
