Russia crypto rules: 17 exchangers cleared, 300,000 rouble cap

Russia's central bank has added 17 firms to its crypto exchange register since 6 October. The list included Sberbank, the country's largest state-controlled lender. The register had four members when it opened on 6 October, according to a notice on the regulator's website.

The registrations put into practice a law on digital currencies and digital rights. It took effect on 1 September and brings crypto trading inside Russia's regulated financial system for the first time. Sberbank and VTB hold both licences: one as exchange providers, one as digital depositories. Holding both lets a bank buy and sell crypto in its own name and keep the record of clients' holdings.

VTB plans to open crypto trading to retail investors in November. Sberbank is targeting 1 December, though the timing depends on the regulations being ready, Interfax reported. VTB's deputy president Vitaly Sergeichuk said access would come through VTB My Investments and then directly through the bank's exchange in November and December 2026 respectively.

Sberbank is already testing Bitcoin, Ether and USDT trades in its app, CoinDesk reported. VTB's broker carried out its first stablecoin deals for corporate clients on 6 October, settling them through accounts at its new digital depository.

The new rules draw a sharp line between retail and professional investors. Non-qualified investors can buy only the most liquid cryptocurrencies, up to 300,000 roubles a year through any one intermediary. That is about $3,800, the central bank said in July. They must also pass a test first.

Qualified investors must pass the test too, but can buy and sell any cryptocurrency without a limit. The cap applies per intermediary, so it is not a single ceiling across the whole market.

Using crypto to pay for goods and services inside Russia remains banned. Exporters and importers can use crypto for cross-border settlements without restrictions, either through intermediaries or directly from any type of wallet.

Sberbank moved first on that front. On 1 September it launched crypto payments for companies engaged in foreign trade. First deputy chairman Alexander Vedyakhin said wallet-to-wallet transfers take a couple of minutes, with no minimum payment and an average cost of 0.3%. The service followed a central bank pilot that had run since September 2024.

Firms already on the registers have until 1 September 2027 to bring their operations fully in line with the law. From 1 July 2027, Russian residents will be allowed to trade crypto only through registered intermediaries, the regulator said.

In practice, that would close off person-to-person deals cleared via Russian bank accounts. The authorities also plan to penalise unlicensed crypto intermediaries from the same date, in line with the treatment of illegal banking. Operating without a central bank permit is set to carry heavy penalties under the new laws.

The start dates for VTB and Sberbank retail trading depend on the regulations being ready, so they are not fixed. The 300,000 rouble limit is set per intermediary.

The rules described here apply in Russia. They say nothing about crypto rules, taxes or exchange access in the UK or elsewhere.