Russia has registered four cryptocurrency exchange operators and five digital-asset custodians under rules that took effect on September 1, establishing an initial regulated market overseen by the Bank of Russia. Sberbank was approved as a custodian and plans to launch crypto products supporting Bitcoin, Ether and USDT on December 1, while VTB Bank was listed as both an exchange operator and custodian. The framework stems from a law signed by President Vladimir Putin in August covering exchanges, custodians, brokers and investors, although cryptocurrency remains prohibited for payments for goods and services. Approved operators must bring their activities fully into compliance with the legislation by September 1, 2027. Separately, Russian retailers reported sharply higher hardware-wallet sales during 2026.