Russia Crypto Exchangers Hit 17 as Sberbank and VTB Open Retail Trading by December

The list of approved Russia crypto exchangers has more than quadrupled in just over two weeks, and the country’s two largest banks are preparing to put Bitcoin and other coins in front of ordinary customers before the year ends. The Bank of Russia added Prosto LLC as the 17th firm on its register of crypto exchange providers on Thursday, up from four when the register opened on 6 October.

A regulated market takes shape

The rush follows a law “On Digital Currencies and Digital Rights,” which took effect on 1 September and pulls crypto trading inside Russia’s regulated financial system for the first time. A second register, for digital depositories that record who owns which coins, now holds eight names.

The two roles are distinct. Exchange providers can trade digital currencies for their own account outside organised venues. Depositories keep the ownership records and give clients access to the addresses where assets are held. Sberbank and VTB, both state-controlled, hold both statuses. VTB was listed in both registers on 6 October, while Sberbank joined the exchange register on 12 October after being among the first five depositories approved.

Retail launch dates and spending caps

VTB says it will open trading to a broad range of investors in November and December, through its VTB My Investments app and then directly through the bank’s exchange. Its broker has already settled its first stablecoin deals for corporate clients through accounts at its new depository. Sberbank is aiming for 1 December, using apps customers already have, though it says timing depends on the final regulations. It is reportedly already testing Bitcoin, Ether and USDT trades in its app.

Ordinary buyers will face tight limits. Non-qualified investors can buy only the most liquid cryptocurrencies, up to 300,000 roubles (about $3,800) a year through any one intermediary, and only after passing a test. Qualified investors must also pass the test but can trade any coin without a cap.

Payments still restricted, cross-border use allowed

The opening has a clear boundary. Using crypto to pay for goods and services inside Russia remains banned. Importers and exporters, however, can use it for cross-border settlements without restrictions, through intermediaries or directly from any type of wallet. Sberbank launched such a service for foreign-trade companies on 1 September. Its first deputy chairman, Alexander Vedyakhin, said transfers take a couple of minutes, have no minimum payment and cost 0.3% on average. The product followed a central bank pilot that began under an experimental legal regime in September 2024.

Enforcement is the other side of the framework. Buying and selling crypto without a central bank-issued permit can bring a forced labour sentence of up to seven years, according to coverage of the new laws.

Beyond the big two

The growth in Russia crypto exchangers is not limited to the state giants. T-Technologies, parent of T-Bank, has registered its Atomyze unit as a depository and T-Invest Lab as an exchange provider. Several newly formed companies have also appeared on the register, and MTS Bank has said it plans basic crypto services in the fourth quarter.

The speed is partly procedural. Banks and other licensed institutions can join the registers through a simplified process that takes one working day. That helps explain how quickly the Russia crypto exchangers list has grown, and it suggests more names could follow as the retail launches approach.

What remains to be seen is how much demand the capped retail products will draw, and whether the final regulations arrive in time for Sberbank to meet its 1 December target.

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