Russia admits first nine crypto firms under new law
Russia’s central bank added five digital depositories and four crypto exchanges to its registers, opening regulated operations under a law effective Sept. 1.
The Crypto News Week Editors2 min read
Nine firms entered Russia’s first official registers for crypto market operators on Oct. 6, when the Bank of Russia admitted five digital depositories and four exchange operators. The number counts firms admitted under the new system: five that record and transfer digital assets, and four that buy and sell them. The Bank of Russia’s announcement says the registrations use transitional provisions in the law that took effect on Sept. 1.
The registrations put the first crypto intermediaries inside Russia’s regulated market, with rules to follow immediately and a year to meet the full legal requirements.
Which firms entered the first registers?
Sberbank, Atomyze, Voltari, Cloud Infrastructure and VTB Bank joined the depository register, according to Cointelegraph’s report on the registrations. VTB also appears on the exchange list, alongside T-Invest Lab, Zefir and Sistema-Crypto.
The Bank of Russia’s English-language notice confirms the totals and says the firms were admitted under transitional provisions. The first entries mark the start of a regulated infrastructure for Russia’s digital currency market.
What can the registered firms do?
Depositories can record and transfer digital currencies and digital rights, and give clients access to the address identifiers where those assets are recorded. In practical terms, they provide record-keeping and custody-related services.
Exchange operators can buy and sell digital currencies on their own behalf and with their own funds, outside organized trading venues. That is a narrower description than a general license for any kind of crypto trading platform; the central bank’s notice specifies these activities.
What must the firms do next?
All nine must follow the rules for carrying out and recording transactions from the date they entered the registers. They have until Sept. 1, 2027, to bring their operations into compliance with the full digital currency and digital rights legislation.
Sberbank has separately said it plans to launch crypto products on Dec. 1, initially supporting Bitcoin, Ether and USDT through its existing banking and investment platforms, Cointelegraph reported. That is a company plan, while the central bank’s registration establishes its entry into the market’s new framework.
References
- Bank of Russia’s announcement — cbr.ru
- Cointelegraph’s report on the registrations — cointelegraph.com