Short answer: On October 5, 2026, the Bank of Russia started accepting applications from crypto exchangers and digital depositories (custodians) that want to be listed in its official registries under the crypto law 282-FZ. A day later it added the first four exchangers (VTB, T-Invest Lab, Zefir and Sistema-Crypto) and five depositories (Sberbank, VTB, Atomyze, Voltari and Cloud Infrastructure) through a fast-track route for banks, brokers and pilot-regime participants. Other applicants go through a standard review of up to 30 working days, so more licensed services are expected before the end of 2026, while unregistered exchangers may keep working only until July 1, 2027.
What did the Bank of Russia launch?
Federal Law No. 282-FZ "On Digital Currencies and Digital Rights", in force since September 1, 2026, says that crypto intermediaries may operate legally only after the central bank enters them in a dedicated registry. We covered the law itself in Russia crypto law 282-FZ takes effect. What was missing was the procedure: who may apply, with which documents, and how fast the regulator decides.
That gap closed with two Bank of Russia acts dated August 27, 2026: Regulation No. 890-P on admission and Instruction No. 7429-U on keeping the registries. The Ministry of Justice registered them in late September and both took effect on Monday, October 5, 2026. The rules cover three types of participants: organizations that exchange digital currencies (the legal version of a crypto exchanger), digital depositories that hold and record clients' coins, and operators of information systems that issue digital rights.
Deputy Governor Vladimir Chistyukhin had said in September that the fast track would take a single day, so a company filing on October 5 could be listed on October 6. That is exactly what happened: on the evening of October 6 the regulator announced the first entries.
What does an exchanger need to get into the registry?
According to the Bank of Russia's admission page for exchangers, an applicant must meet these conditions:
- Legal form: a business company incorporated in Russia.
- Capital: own funds of at least 15 million rubles. Depositories need between 50 and 250 million rubles depending on what they do, and their own crypto does not count towards it.
- People: management, key officers and shareholders must meet qualification and reputation requirements set by articles 49 and 50 of 282-FZ; owners of more than 10% are disclosed to the regulator.
- Infrastructure: main and backup hardware located in Russia, capable of handling the volume of operations and preserving data.
- Website: the company must own the domain it operates on.
Documents (founding papers, contact and identification data, ownership structure) are filed only through the Bank of Russia's online personal account. Under the standard procedure the regulator has up to 30 working days from the last document received to decide, and then three working days to notify the applicant. It may also request extra documents or inspect the declared address.
Who may use the one-day fast track?
Banks, brokers and companies that were participants of the experimental legal regime for crypto when the law came into force can apply under a simplified procedure until September 1, 2027. Review takes one working day. Banks and brokers may become exchangers, operators of information systems may become depositories, and pilot-regime participants may obtain both statuses. This is why the first names on the lists are big banks and their affiliates.
Key facts
| Item | Detail |
|---|---|
| Legal basis | Federal Law No. 282-FZ of August 4, 2026; Bank of Russia Regulation 890-P and Instruction 7429-U of August 27, 2026 |
| Applications open | October 5, 2026 |
| First registry entries | October 6, 2026 |
| First exchangers | VTB, T-Invest Lab (T-Technologies), Zefir, Sistema-Crypto |
| First depositories | Sberbank, VTB, Atomyze, Voltari, Cloud Infrastructure |
| Standard review | Up to 30 working days, plus up to 3 working days for notice |
| Fast-track review | 1 working day, for banks, brokers and pilot-regime participants, until September 1, 2027 |
| Minimum own funds | 15 million rubles for an exchanger; 50–250 million for a depository |
| Unregistered exchangers | May operate until July 1, 2027 |
| Full compliance for listed firms | By September 1, 2027 |
When can ordinary users buy crypto from a licensed service?
Not yet. A registry entry gives a company the right to operate, but retail products still depend on the remaining Bank of Russia rules, including the investor testing standard. VTB has said it plans to open crypto trading for a wide range of investors through its investment app in November 2026 and through the bank's exchanger in December. Sberbank is aiming for its first crypto products on December 1, 2026, starting with Bitcoin, Ether and USDT. VTB's broker has already completed the first stablecoin deals for corporate clients, settled through VTB's own depository.
The limits described in our earlier article still apply: after a test, a non-qualified investor can buy up to 300,000 rubles a year through each intermediary, and only the most liquid coins (BTC, ETH and USDT are the ones named). Paying for goods and services in crypto inside Russia remains banned.
Licensed vs unlicensed exchangers and P2P: what changes?
For now, little changes in practice. The transition rules let existing exchangers and P2P traders keep working without a registry entry until July 1, 2027. After that, according to lawyers and the regulator's statements, residents are expected to deal through registered intermediaries, banks should refuse transfers that look like payments to unregistered crypto businesses, and liability for illegal intermediary activity is planned, by analogy with illegal banking.
So the difference between "legal" and "illegal" is becoming concrete. A listed exchanger is supervised, holds minimum capital, checks clients and can be verified on the Bank of Russia website. An unlisted one is not breaking the law today, but its status has an expiry date, and card-to-card P2P is the part of the market most exposed after July 2027. We compared the two models in P2P vs instant exchanger.
The September 1, 2027 date applies to firms already listed: by then they must bring all their operations into line with the law. Some media mention only one of the two dates, which is why reports seem to disagree.
Practical checklist for people who swap crypto in Russia
- Check the registry, not the website. Anyone claiming a "Bank of Russia license" can be verified in the regulator's list of admitted financial market participants on cbr.ru. Only nine entries existed on October 6, 2026; a service missing from the list is not licensed, whatever its banner says.
- Expect fake "licensed exchangers". Scammers adapt to news fast. Our guide on how to vet a crypto exchanger lists the checks that still work.
- Do not rush. Retail access at banks is planned for November–December 2026, and the transition for current exchangers runs to July 1, 2027. There is no deadline for users today.
- Keep records. Save swap receipts, transaction hashes and the ruble value on the date of each deal; they help with taxes and with any bank questions about transfers.
- Mind the 300,000-ruble limit if you plan to buy through licensed services as a non-qualified investor: it counts per intermediary per year.
- Compare terms. Rates, reserves and KYC rules differ a lot between services. The exchangers list on Changerella shows current offers side by side so you can weigh price against the service's status.
FAQ
When did the Bank of Russia start accepting crypto exchanger applications?
On October 5, 2026, when Regulation 890-P and Instruction 7429-U took effect. The first four exchangers and five digital depositories were entered in the registries on October 6, 2026.
Which crypto exchangers are licensed in Russia?
As of October 6, 2026, the exchanger registry lists VTB, T-Invest Lab, Zefir and Sistema-Crypto. The depository registry lists Sberbank, VTB, Atomyze, Voltari and Cloud Infrastructure. Check the current list on cbr.ru, as it will grow.
How long does the Bank of Russia take to review an application?
Up to 30 working days under the standard procedure, plus up to three working days to notify the applicant. Banks, brokers and pilot-regime participants can use a simplified one-day procedure until September 1, 2027.
Is P2P crypto trading banned in Russia now?
No. Existing exchangers and P2P traders may keep operating without a registry entry until July 1, 2027. After that residents are expected to use registered intermediaries, and banks should refuse transfers to unregistered crypto businesses.
What capital does a Russian crypto exchanger need?
At least 15 million rubles of own funds. Digital depositories need 50 to 250 million rubles depending on their activity, and their own cryptocurrency does not count towards that capital.