Bank-Supervised Crypto Operations Take Shape in Russia

Key Summary

Russia has taken a significant step in regulating its cryptocurrency market by publishing the first registers of authorized cryptocurrency exchange operators and digital custodians. The Bank of Russia has listed four exchange operators and five custodians, including VTB Bank and Sberbank, which plan to launch initial crypto products in December. The framework also segments investor access, with limited cryptocurrency purchases allowed for non-qualified investors, and a more open approach for qualified investors.