Bank of Russia crypto exchanges Expand to 17 Firms, Sberbank and VTB Set to Offer Retail Trading
The central bank has registered 17 crypto firms, including Sberbank and VTB, and set a retail cap of 300,000 roubles per year.
When did the Bank of Russia register the 17 crypto exchanges?
The central bank added the 17th firm, Prosto LLC, to its register on 6 October, after opening the register with four members on the same day. The list has grown to 17 since that launch.
What is the annual purchase limit for retail investors?
Retail buyers may purchase only the most liquid cryptocurrencies up to 300,000 roubles—roughly $3,800—each year through a single intermediary. Qualified investors face no cap.
Bank of Russia crypto exchanges broaden regulated footprint
The Bank of Russia’s register now lists 17 firms, a steep rise from the four initial members on 6 October. The expansion follows the 1 September enactment of the law “On Digital Currencies and Digital Rights,” which brought crypto trading into the regulated financial system for the first time.
The register tracks two distinct roles: exchange providers, which trade digital assets for their own accounts outside organised venues, and digital depositories, which hold clients’ coins and provide address access. The separate depository list now contains eight entities.
Sberbank and VTB: dual-licensed giants
Sberbank and VTB were among the first five depositories approved on 6 October and were also listed as exchange providers that day. Holding both licences enables a bank to buy, sell, and custody crypto in its own name.
VTB’s broker executed its first stablecoin deals for corporate clients on 6 October, settling through accounts at its new depository. The bank plans to open retail trading via its My Investments platform in November and via its own exchange in December 2026, according to a statement by VTB deputy president Vitaly Sergeichuk.
Sberbank intends to launch its first crypto products on 1 December through existing customer apps. The bank is already testing Bitcoin, Ether, and USDT trades in its application.
Retail versus professional investor rules
The new framework draws a clear line between retail and qualified investors. Both groups must pass a competency test, but only qualified investors can trade any cryptocurrency without a volume cap. Retail investors are restricted to the most liquid coins and capped at 300,000 roubles per year per intermediary.
The regulation also imposes a severe penalty for operating an unlicensed crypto exchange: up to seven years of forced labour. Use of crypto for domestic payments remains prohibited, though cross-border settlements are permitted for importers and exporters.
Crypto payments for trade firms already live
On 1 September, Sberbank launched crypto payments for companies engaged in foreign trade. Wallet-to-wallet transfers take minutes, have no minimum payment, and cost an average of 0.3%. The service followed a central bank pilot that ran under an experimental legal regime since September 2024.
New entrants join the register
Beyond the state banks, several smaller players have entered the market. T-Technologies’ units Atomyze and T-Invest Lab have registered as a depository and exchange provider, respectively. MTS Bank has announced plans to launch basic crypto services in the fourth quarter.
Market-structure implications
The dual licensing of Sberbank and VTB consolidates trading and custody under single institutions, reducing fragmentation and potentially lowering counterparty risk for retail clients. The 300,000 rouble cap limits retail exposure, directing larger positions to qualified investors and institutional channels.
The rapid growth of the register signals a shift toward a more regulated and institutionalised crypto ecosystem in Russia. Banks that secure both licences gain leverage by controlling the full value chain, while retail investors absorb the cost of compliance through capped exposure.
What to watch next
The rollout of retail trading in November and December will test the new regulatory framework. Market participants should monitor the performance of Sberbank’s and VTB’s platforms, the uptake of crypto payments by trade firms, and any adjustments to the competency test or cap limits.
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