Bank of Russia Authorizes First Regulated Crypto Exchanges, Depositories

The Bank of Russia authorized Russia’s first regulated cryptocurrency exchange operators and digital depositories on Oct. 6, establishing a state-supervised framework for digital-asset services in the country.

The central bank added five organizations to its digital-depository registry and four to its registry of entities authorized to exchange digital currencies, creating nine approved market participants. Sberbank and VTB were among the depository operators, while VTB also received authorization to exchange digital currencies.

The registrations were made under transitional provisions of Russia’s digital-currency and digital-rights law, which took effect Sept. 1. The organizations must follow transaction rules immediately and bring their operations fully into line with the legislation by Sept. 1, 2027.

Depositories may maintain records for digital currencies and digital rights, transfer those assets and give users access to their addresses. Authorized exchange firms may trade digital currencies for their own accounts outside formal exchanges.

The framework separates exchange activity from custody and asset-recording functions, placing major state-backed financial institutions at the center of Russia’s regulated digital-asset infrastructure.