On October 5, the Bank of Russia began accepting applications for the launch of crypto exchanges and digital depositories. For banks, a regulatory standard has been set, limiting their own risk in cryptocurrency operations to 1% of capital.

From this date, the rules for admitting companies to the regulated crypto market in Russia have come into force. To obtain the right to carry out these activities, organizations must undergo an admission procedure and be included in the Central Bank's register.

Sber, Atomize, and T-Invest Lab Have Submitted Applications

The following have already announced their applications: Sber—for the status of digital depository; Atomize (from T-Technology)—for the status of digital depository; T-Invest Lab (from T-Technology)—for the launch of a crypto exchange.

Infrastructure Functions and 1% Risk Standard

Digital depositories will be responsible for the accounting and safekeeping of clients' cryptocurrency. Crypto exchanges will handle the purchase and sale of cryptocurrency for rubles and other currencies. A separate standard applies to banks: their own risk in cryptocurrency operations must not exceed 1% of capital.

Major Players Previously Announced Plans

VTB, Alfa-Bank, Sovcombank, Ozon Bank, PSB, and Gazprombank had previously announced their intention to enter the regulated crypto market, but have not yet publicly announced any application submissions.