The Central Bank of Russia has registered its first licensed cryptocurrency exchanges and custodians under a new regulatory framework that took effect on September 1, 2026. Major state-owned lenders Sberbank and VTB are among the authorized entities, reflecting Moscow's intent to maintain strict control. While the law legalizes transactions, it bans crypto payments for goods and services. The shift follows a softening of regulatory stances amid Western sanctions.
First registered crypto platforms
- ▪The Central Bank of Russia registered Atomyze, Voltari, and Cloud Infrastructure as digital depositories on October 6, 2026
- ▪The Central Bank of Russia authorized nine organizations on October 6, 2026 to operate under the country's new digital currency rules, registering four exchange operators and five digital depositories
- ▪The Central Bank of Russia registered T-Invest Lab, Zefir, and Sistema-Crypto as crypto exchange operators on October 6, 2026
Registration of crypto platforms
- ▪The Central Bank of Russia simplified the crypto operator registration procedure for traditional financial market players, such as banking institutions and stock exchanges, compared to crypto-only firms
- ▪The Central Bank of Russia began accepting registration applications for crypto platforms on October 5, 2026
Rules for licensed crypto platforms
- ▪The Bank of Russia clarified that licensed crypto exchanges are permitted to buy and sell digital currencies in their own name and at their own expense outside of organized trading venues
- ▪Russian digital depositories are responsible for the safekeeping and transferring of digital assets, as well as providing access to their addresses
Rules under the digital currency law
- ▪Under Russia's digital currency law, all cryptocurrency transactions, including transfers to foreign-hosted wallets, must be processed through licensed Russian intermediaries such as banks, brokers, or exchanges
- ▪The Russian digital currency legislation, signed by President Vladimir Putin in August 2026, took effect on September 1, 2026, legalizing cryptocurrency transactions while maintaining a ban on using crypto to pay for goods and services
Impact of international sanctions
- ▪The Central Bank of Russia softened its stance on cryptocurrency legalization in response to international fiat restrictions imposed after Russia's invasion of Ukraine
- ▪Licensed Russian financial entities Sberbank, VTB, and Atomyze have already been targeted by Western sanctions
Debatable claims
- ▪Cryptocurrency is an effective tool for Russia to bypass Western sanctions
- ▪Russia's simplified crypto registration for traditional banks unfairly disadvantages crypto-only firms
- ▪Russia's mandatory domestic intermediaries destroy the decentralized nature of cryptocurrency
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