Russia has taken a major step toward a regulated crypto market. The Bank of Russia has registered the country’s first digital asset operators under rules that came into force on September 1st.
The regulator added five firms to its digital depository register and four to its crypto exchange register. Sberbank is among the newly approved custodians. VTB Bank was listed in both categories.
Crypto Rules Take Shape in Russia
The move follows a law signed by President Vladimir Putin in August. It created a formal framework for crypto exchanges, custodians, brokers, and investors, with the Bank of Russia overseeing the market. Crypto still cannot be used to pay for goods and services in Russia.
Sberbank is already preparing products for the new market. The bank plans to launch its first crypto offerings on December 1st. Bitcoin, Ether, and USDT are expected to be supported at launch. The central bank said the approved firms must follow the new transaction rules and bring their operations fully in line with the legislation by September 1, 2027.
There’s an interesting contrast in how quickly Russia and the US are moving on crypto rules. In the latter, the industry is still waiting for clearer rules. The Digital Asset Market Clarity Act, which aimed to define whether different digital assets fall under the Securities and Exchange Commission (SEC) or the Commodity Futures Trading Commission (CFTC), failed to clear a Senate procedural vote last month.
The bill fell short of the 60 needed, due to roadblocks over ethics rules for senior officials with crypto interests, including President Donald Trump, as well as concerns around investor protection and illicit finance.
Wallet Demand Rises
Demand for hardware crypto wallets also picked up sharply in Russia. Data released in August from two major retailers pointed to a clear jump in sales during 2026. M.Video said unit sales on its marketplace climbed 107% in the second quarter compared with the first three months of the year. Sales by value also rose 92%.
Wildberries saw a similar trend. According to RIA Novosti, citing the marketplace’s parent company RWB, hardware wallet sales by units increased 84% in the first half of 2026 from the same period last year. Sales value was up 60%.
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