Key Highlights
- The Bank of Russia has expanded its official cryptocurrency exchange register to 10 entities, recently adding state banking giant Sberbank and Ryazan-based Paradise Technology.
- Firms admitted to the exchange and depository registers operate under transitional provisions of the federal law on digital currencies and digital rights, with a deadline for full compliance set for September 1, 2027.
- Sberbank plans to launch retail and institutional digital asset offerings by December 1, integrating services for Bitcoin, Ethereum, and Tether directly into its existing banking applications.
Bank of Russia Expands Digital Asset Infrastructure
Russia’s official registry of authorized cryptocurrency exchange organizations has expanded to 10 participants following the entry of Sberbank and Ryazan-registered Paradise Technology. The Bank of Russia opened the registration process for both exchange operators and digital asset depositories on October 5, acting under the regulatory framework established by the federal legislation on digital currencies and digital rights, which took effect on September 1.
The regulatory rollout advanced rapidly after the application window opened. Just one day later, the central bank granted exchange recognition to an initial cohort comprising major state-backed lender VTB, T-Invest Lab (an affiliate of T-Technologies, the parent company of T-Bank), Zefir, and Sistema-Crypto. Concurrently, the central bank approved five initial depository institutions to handle the custody and recordkeeping of digital holdings.
Rapid Inflow of Traditional Lenders and Specialized Operators
In subsequent days, both traditional financial institutions and specialized entities were vetted and cleared to join the digital currency framework. Non-bank credit organization FinPilot and Professional Bank were approved on October 8. Regional institutions and digital asset platforms quickly followed on October 9, when Kirov-based commercial lender Khlynov and Moi Bitcoin secured spots on the exchange roster.
The latest update, which formalized listings for Sberbank and Paradise Technology, also saw the parallel digital asset depository list grow to six participants with the addition of a firm named TT. According to the Bank of Russia, the inaugural entries on these registers operate under statutory transitional provisions. While these entities are subject to central bank transaction directives immediately upon registration, market participants have until September 1, 2027, to implement full legal and operational compliance.
Sberbank Prepares December Launch for Crypto Services
The inclusion of Sberbank marks a key milestone in the commercial rollout of digital finance tools in Russia. The institution originally secured licensing to issue and exchange digital assets in March 2022. It subsequently expanded its market footprint by offering structured bonds and digital financial assets (DFAs) linked to Bitcoin ($BTC) and Ethereum ($ETH), and completed a pilot program for crypto-collateralized loans in December 2025.
Sberbank applied for depository status immediately when the process opened on October 5. Its ongoing developments follow an announcement made on July 24 by Alexander Vedyakhin, First Deputy Chairman of Sberbank, who confirmed that the bank planned to build crypto trading infrastructure and a digital depository by December 1. That timeline arrived shortly after the State Duma passed the foundational crypto law in its final reading. Sberbank has confirmed it will initially offer services for Bitcoin ($BTC), Ethereum ($ETH), and the Tether (USDT) stablecoin, embedding these functionalities directly within its existing SberBank Online, SberInvestments, and SberBusiness platforms rather than requiring users to install a standalone application.
Why This Matters
The expansion of the Bank of Russia’s exchange and depository registers reflects an accelerating transition of cryptocurrency services into the country’s formalized, state-supervised banking sector. Rather than establishing independent, unregulated market venues, the state is integrating crypto trading and custody directly into the core interfaces of major commercial institutions like Sberbank, VTB, and T-Bank. This institutionalization establishes standard transaction oversight, provides established custodial frameworks for volatile assets like Bitcoin and Tether, and lays the operational groundwork for institutional digital asset finance ahead of the strict 2027 statutory compliance deadline.
Frequently Asked Questions
Which companies are currently authorized on Russia’s crypto exchange register?
The 10 entities currently admitted to the central bank’s exchange register are VTB, T-Invest Lab, Zefir, Sistema-Crypto, FinPilot, Professional Bank, Moi Bitcoin, Khlynov, Sberbank, and Paradise Technology.
What digital currencies will Sberbank support at launch?
Sberbank intends to begin its digital asset services with support for Bitcoin ($BTC), Ethereum ($ETH), and the stablecoin Tether (USDT), with transaction features accessible directly via its SberBank Online, SberInvestments, and SberBusiness applications.
What is the timeline for full regulatory compliance?
While registered institutions must abide by the Bank of Russia’s transaction rules from the moment they are placed on the registers, the law provides a multi-year transitional period, requiring complete compliance by September 1, 2027.
