While America’s CLARITY Stalls, Russia’s Crypto Market Gets Official Operators

Russia has registered nine crypto operators under new rules. Russia has taken a major step toward a regulated crypto market. The Bank of Russia has registered the country’s first digital asset operators under rules that came into force on September 1st. The regulator added five firms to its digital depository register and four to its crypto exchange register. Sberbank is among the newly approved custodians. VTB Bank was listed in both categories. Crypto Rules Take Shape in Russia The move follows a law signed by President Vladimir Putin in August. It created a formal framework for crypto exchanges, custodians, brokers, and investors, with the Bank of Russia overseeing the market. Crypto still cannot be used to pay for goods and services in Russia. Sberbank is already preparing products for the new market. The bank plans to launch its first crypto offerings on December 1st. Bitcoin, Ether, and USDT are expected to be supported at launch. The central bank said the approved firms must follow the new transaction rules and bring their operations fully in line with the legislation by September 1, 2027. There’s an interesting contrast in how quickly Russia and the US are moving on crypto ...