Russia Registers First Crypto Exchanges and Custodians, Including Sberbank

This marks a shift from Russia's long-standing ambiguity toward a licensed domestic crypto infrastructure, with the country's largest bank positioned at the center rather than the periphery. That matters because it suggests the state intends to keep crypto activity inside regulated rails instead of pushing it offshore, though the practical test is whether approved venues attract meaningful flows or sit alongside informal channels. Whether other major institutions follow Sberbank into the register, and how the new crypto law is enforced in practice, is the open question.