Russia Registers First Crypto Trading, Custody Firms; Sberbank Among Entrants
Summary
- The Central Bank of Russia said it had completed the first registrations for four cryptocurrency trading operators and five digital custody providers.
- The custody providers include Sberbank, Atomyze and VTB Bank, while the trading operators include VTB Bank, T-Investlab and Zephyr.
- Sberbank said it will launch its first cryptocurrency product in December following the registration, with Bitcoin (BTC) and Ether (ETH) among the initial supported assets.
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Russian authorities have completed the country’s first registration of cryptocurrency trading and custody firms, with Sberbank, the nation’s largest bank, among those on the list.
The Central Bank of Russia said on October 6 that it had registered four cryptocurrency trading operators and five digital custody providers, Cointelegraph reported. It marks the first round of registrations under a new crypto law that took effect in Russia last month.
The custody providers include Sberbank, Atomyze and VTB Bank. The registered trading operators include VTB Bank, T-Investlab and Zephyr. VTB Bank appears on both lists.
Registered firms must comply with rules governing crypto trading and record-keeping. They must also meet all requirements under the law by next September.
Russian President Vladimir Putin signed the legislation in August, creating a regulatory framework for cryptocurrency trading, custody and brokerage businesses. The Central Bank of Russia will supervise the market. The use of cryptocurrency to pay for goods and services remains prohibited.
Following the registration, Sberbank will launch its first crypto product in December. The initial supported assets will include Bitcoin (BTC) and Ether (ETH).
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul