Russia has achieved a significant regulatory milestone by registering its first four cryptocurrency exchange operators and five digital custodians under new crypto market regulations that took effect on September 1, 2026. According to the Bank of Russia, these companies were admitted under transitional provisions of the country's law "On Digital Currency and Digital Rights," allowing them to operate while bringing their businesses fully in line with new requirements by September 1, 2027. The registered exchanges include VTB, Zefir, Sistema Crypto and T Invest Lab, while digital custodians comprise Sberbank, VTB, Atomyze, Voltari and Cloud Infrastructure. Their registration places the first group of financial institutions and crypto businesses inside the regulated infrastructure created by the law signed by President Vladimir Putin in August.
The October 1 digital ruble salary payments followed extensive testing throughout 2025, with the Finance Ministry and Federal Treasury using nearly 16 million digital rubles in digital currency for trial transactions covering selected salaries, stipends and government contract payments. As reported by Cointelegraph and TradingView News, these pilot payments tested whether the Bank of Russia's infrastructure could handle public spending before the system moved into regular government use. The 16 million digital rubles allocated in the 2025 budget trial represents approximately $192,245, prompting the ministry to integrate verified channels into its own salary payment processes. The Bank of Russia confirmed that its 2025 pilot covered core transfers between individuals and businesses, budget payments and several types of smart contracts, with the ministry now applying these tested payment rails to its internal salary processes.
The salary rollout coincided with Russia's September 1, 2026 launch of major bank digital ruble services, when major banks and large retailers opened their systems for digital ruble transactions. According to Cointelegraph and TradingView News, individuals can use the currency through participating bank mobile applications, with accounts held on the Bank of Russia platform and commercial banks providing the interface. One digital ruble carries the same face value as one cash ruble, described as a third form of Russia's national currency alongside cash and non-cash money. Individuals can transfer up to 300,000 rubles monthly from ordinary bank accounts into digital ruble accounts, while businesses face no top-up limits. The Bank of Russia prepared payroll functionality before the latest Finance Ministry payments, with a June 19 board decision introducing platform tariffs specifically covering digital-ruble transfers from companies to individuals for salaries and other employment-related payments.
Russia's largest financial institutions are preparing to enter the regulated crypto market with significant service launches. Sberbank has set December 1 as its target for launching crypto trading and custody services, initially supporting Bitcoin, Ether and USDT through its existing SberBank Online, SberInvestments and SberBusiness platforms. The bank has also disclosed plans to accept BTC, ETH and USDT as collateral for loans once regulatory approvals are in place. VTB is moving on a similar timeline, with Deputy CEO Vitaly Sergeichuk expecting to provide digital currency trading access through VTB My Investments as early as November, while its own crypto exchange is expected to follow in December. Companies must follow transaction and accounting rules from the date they enter the registers, while the transitional period gives them until September 2027 to meet remaining requirements.
Russian institutions are embracing the digital ruble launch with plans for significant infrastructure expansion. Officials are planning to link ATMs to the digital ruble next year, enabling direct cash withdrawals for users, as reported by Cointelegraph. This represents a major advancement from the current system where digital rubles can only be converted to cash through bank transfers. The digital ruble rollout follows a structured timeline with mandatory participation for major financial institutions. Retail companies with annual revenue above 120 million rubles were required to accept digital rubles from September 1, with banks with universal licenses and qualifying merchants with revenue above 30 million rubles scheduled to join in 2027. Another stage beginning in September 2028 will cover banks with basic licenses and other covered merchants, while small retail outlets with annual revenue below 5 million rubles and outlets without internet access are exempt from the mandate.
