Russia's Sberbank and VTB set retail crypto launch dates as the Bank of Russia adds a 17th crypto exchange provider

Russia's biggest banks are lining up to sell crypto to the public. The Bank of Russia added Prosto LLC as its 17th registered crypto exchange provider on Thursday, October 22, DL News reported, up from four when the register opened on October 6. A separate register of digital depositories now has eight members.

VTB plans to open crypto trading to a broad range of investors through its My Investments app in November and through its own exchange in December. Sberbank is targeting December 1 for its first crypto products, subject to regulatory readiness, and is testing trades in bitcoin, ether and USDT, per DL News.

The registrations put into effect the law "On Digital Currencies and Digital Rights," which took effect on September 1. Non-qualified investors must pass a test and can buy only the most liquid cryptocurrencies, up to 300,000 roubles, about $3,800, a year per intermediary. Qualified investors face no cap. Crypto payments inside Russia remain banned.

What happens next: from July 1, 2027, Russian residents may trade crypto only through registered intermediaries, and firms on the registers have until September 1, 2027 to fully comply.