Russia has officially registered exchange operators and digital asset custodians for the first time since new cryptocurrency rules took effect.

Cointelegraph, a blockchain media outlet, reported on Oct. 7 that the Bank of Russia released a list of approved cryptocurrency operators under a new regulatory framework that took effect on Sept. 1.

The list includes four exchange operators and five custodians. The custodians include Sberbank, Russia's largest bank, as well as Atomize, Voltari and Cloud Infrastructure. The exchange operators include T-Invest Lab, Zephyr and Systema-Crypto, and VTB Bank appears on both the exchange-operator and custodian lists.

Markets are focusing on Sberbank's inclusion. Sberbank said on Oct. 6 it applied for digital asset custodian status and announced plans to launch its first cryptocurrency product on Dec. 1. The bank said it is considering Bitcoin (BTC), Ethereum (ETH) and USDT as initial supported assets, and plans to provide related services through its existing Sberbank Online, SberInvestments and SberBusiness platforms.

The registration follows a cryptocurrency law signed in August by Russian President Vladimir Putin. The law created a new regulatory framework covering exchanges, custodians, brokers and investors, and granted market oversight authority to the Bank of Russia. It kept in place a ban on using cryptocurrency as a means of payment for goods and services in Russia.

The scope of incorporation into the formal system is also taking shape. The central bank has begun activating the oversight structure under the new law by first releasing the approved list. As a result, registration with the central bank is expected to become a key criterion for crypto business in Russia.

The direction of regulation, however, is closer to a structure that combines permission and control. Russia has set up an institutional framework for trading, custody, brokerage and investment, but continues to block the use of cryptocurrency as a means of physical payment. As a result, the pace of future market expansion is expected to depend on the number of additional registered operators, actual product launches and how the central bank's supervisory standards are applied.

In this situation, Sberbank's first cryptocurrency product launch, slated for Dec. 1, is likely to be the earliest test after the new system takes effect. How banks attach Bitcoin, Ethereum and USDT services is expected to indicate how quickly Russia's crypto market settles into the formal system.