At a glance

  • The Bank of Russia entered Prosto LLC in its register of organisations that exchange digital currencies on 22 Oct, according to a notice on its website. It is the 17th firm on the register since it opened with four on 6 Oct, DL News reported.
  • VTB aims to let retail customers trade crypto from November, and Sberbank from 1 December, according to Interfax reports cited by DL News.

The Bank of Russia added Prosto LLC to the register on Thursday, its notice shows.

The register

The registers put into practice Russia’s law “On Digital Currencies and Digital Rights,” which took effect on 1 Sep, DL News reported. Eight firms are on a second list, of digital depositories, the custodians that keep the ownership records.

VTB and Sberbank, Russia’s two largest state-controlled banks, hold both licences. Both were among the first depositories approved on 6 Oct. VTB was listed as an exchange provider that day and Sberbank on 12 Oct, DL News said, citing Interfax.

T-Bank’s parent, T-Technologies, has two units listed: Atomyze as a depository and T-Invest Lab on the exchange side. MTS Bank intends to offer basic crypto services in the October-December quarter, Interfax reported. Licensed banks can be added within one working day under a simplified route, the central bank said.

The banks’ plans

On 6 Oct, VTB’s brokerage completed its first stablecoin trades for business clients. “We expect to open access to digital currency trading for a broad range of investors through VTB My Investments and directly through the bank’s exchange in November and December 2026 respectively,” VTB deputy president Vitaly Sergeichuk said, as quoted by Interfax.

Sberbank plans its first crypto products for 1 December through its existing apps, with the timing dependent on the rules being ready, Interfax reported. Since 1 Sep the bank has offered crypto payments to companies trading abroad, costing 0.3% on average, according to Alexander Vedyakhin, its first deputy chairman.

The limits

Ordinary investors will have to pass a test first. They will then be limited to the most liquid coins and to 300,000 roubles (about $3,800) a year per intermediary, under rules the central bank set out in July. Qualified investors have no limit.

Exporters and importers can use crypto for cross-border settlement without those restrictions, DL News reported.

Firms on the registers have until 1 Sep 2027 to comply fully with the law. From 1 Jul 2027, residents may use only registered intermediaries to trade crypto, according to the regulator.

Context

Russia’s crypto channels have been a sanctions focus in Europe. On 9 Oct, CryptoWatchDesk reported UK sanctions on Cryptomus’s owner and TokenSpot over Russia links. Russia’s regime is separate from the EU’s MiCA regime, which licenses crypto firms across the EU.

The next deadline is VTB’s planned retail launch in November.

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This article is for information only and is not investment advice.