Russia licenses nine crypto firms as US regulatory gaps persist

• Russia’s Bank registered five digital asset custodians and four crypto exchanges on September 1, 2026, under new Putin-signed legislation.
• Sberbank and VTB Bank received approval and plan crypto offerings starting December 1, initially supporting Bitcoin, Ether, and USDT.
• Hardware wallet sales in Russia surged 107% by unit count and 92% by value in Q2 2026 versus Q1, signaling retail demand ahead of regulated trading.

• 9 Cryptocurrency firms approved by Bank of Russia under new digital asset regulations
• 107% Jump in hardware wallet unit sales at M.Video, Q2 2026 versus Q1
• December 1 Date Sberbank plans to launch its first regulated crypto products

Russia’s Bank of Russia has registered its first approved digital asset operators under rules that took effect September 1, 2026, marking the country’s formal entry into cryptocurrency market regulation. Five firms were added to the digital depository register and four to the crypto exchange register, with major state-owned lenders Sberbank and VTB Bank among those licensed. The approvals follow legislation signed by President Vladimir Putin in August that created a comprehensive framework for exchanges, custodians, brokers, and investors, with the central bank as the primary regulator.

Sberbank Prepares December Crypto Launch Under Russian License

Sberbank, Russia’s largest state-controlled bank, has received custodian approval and is preparing to enter the regulated crypto market. The bank plans to launch its first crypto offerings on December 1, 2026, initially supporting Bitcoin, Ether, and USDT, the three most liquid digital assets among Russian retail and institutional traders.

VTB Bank received approval in both the custodian and exchange categories, positioning it as a dual operator in the new framework. The central bank said all approved firms must comply with new transaction rules and achieve full operational alignment with the legislation by September 1, 2027, giving operators twelve months to migrate existing holdings and establish compliant infrastructure.

Hardware Wallet Sales Surge 107% Ahead of Regulated Trading Start

Russian retail demand for cryptocurrency custody jumped sharply during 2026 as consumers prepared for the regulated market launch. M.Video, a major electronics retailer, reported hardware wallet unit sales climbed 107 percent in the second quarter of 2026 compared with the first three months, with sales value rising 92 percent over the same period.

Wildberries, Russia’s largest online marketplace, showed a similar pattern. According to RIA Novosti, citing the parent company RWB, hardware wallet sales by unit count increased 84 percent in the first half of 2026 from the same period in 2025, with sales value up 60 percent.

US Digital Asset Bill Fails as Russia Moves Toward Full Regulation

The regulatory contrast with the United States is stark. The Digital Asset Market Clarity Act, designed to clarify whether digital assets fall under Securities and Exchange Commission (SEC) or Commodity Futures Trading Commission (CFTC) jurisdiction, failed a Senate procedural vote last month, falling short of the 60 votes required to advance.

The bill’s collapse reflected divisions over ethics rules for senior officials with crypto interests, including President Donald Trump, as well as unresolved concerns around investor protection and illicit finance controls.

Meanwhile, institutional traders and exchanges in the US continue operating in a jurisdictional gray zone, with the SEC asserting authority over most tokens while the CFTC regulates spot and futures markets for commodities like Bitcoin.

The CCS read. We see a divergence in institutional market structure. Russia’s framework ties custody and trading to state-controlled banks, reducing competitive pressure and raising capital controls risks for foreign participants. The US lag, despite the regulatory mess, preserves exchange competition and global settlement rails, but leaves American institutional adoption hostage to political cycles and inter-agency turf wars.

Watch for two signals in the coming months: whether Sberbank’s December 1 launch attracts material inflows (a test of whether retail demand persists under custodian licensing), and whether a new US Congress makes a second push on digital asset clarity before the 2028 election cycle intensifies.