Central Bank of Russia Opens Applications for Crypto Exchanges

As of October 5, Russia has implemented regulations for companies to enter the regulated crypto market. To operate legally, organizations must undergo an admission procedure and be included in the registry of the Central Bank of the Russian Federation.

Three companies have already reported their applications, competing for different roles in the new ecosystem.

• Sber** submitted an application for the status of a digital depository
• Atomize** from T-Technologies also claims the status of a digital depository
• T-Invest Lab** from T-Technologies plans to launch a crypto exchange

Digital depositories will be responsible for accounting and storing clients' cryptocurrencies. Crypto exchanges will facilitate the purchase and sale of cryptocurrencies for rubles and other currencies.

Banks are subject to a separate regulation: their own risk from cryptocurrency operations must not exceed 1% of capital.

Previously, VTB, Alfa-Bank, Sovcombank, Ozon Bank, PSB, and Gazprombank had announced plans to enter the regulated crypto market. However, no public information has been provided regarding applications from these banks so far.