T-Technologies obtains license to operate on cryptocurrency market

MOSCOW. Oct 6 (Interfax) - Subsidiaries of T-Technologies , the holding company of T-Bank, have obtained the necessary licenses to operate on the cryptocurrency market, the group's press service told Interfax.

"The Atomize platform has been added to the digital depository register and T-Invest Lab to the crypto exchange register," the group said in a statement.

It also said that T-Invest Lab is the first and as yet the only company in the Central Bank of Russia's crypto exchange register.

At the end of September, the CBR defined the procedure for companies to submit applications for licenses to act as digital depositories, crypto exchanges and information system operators (ISO) issuing digital rights, from October 5 onwards. Some existing players - for example, banks - have the option to use a simplified procedure for obtaining digital depository and crypto exchange licenses on a notification basis within just one day.

T-Bank CEO Vyacheslav Tsyganov said in July that the credit organization expected to be able to offer clients the possibility of purchasing and selling cryptocurrency via T-Bank apps by the end of the year, as well as viewing balances, monitoring and general analytics, and analyzing and storing their crypto assets.

A law on digital currencies and digital rights came into effect in Russia on September 1, creating a comprehensive legal framework for cryptocurrency circulation. Transactions involving cryptocurrencies can be conducted via the existing infrastructure of exchanges, brokers and trustees, and henceforth also via crypto exchanges and digital depositories. Cryptocurrency can be purchased and sold via crypto exchanges and the rights to these assets can be recorded in digital depositories.

Non-qualified investors will only be able to purchase Bitcoin, Ethereum and Tether USDT within an annual limit of 300,000 rubles via one intermediary. Qualified investors will be able to purchase any cryptocurrency traded on exchange or over-the-counter markets in an unlimited amount. Exporters and importers may pay with cryptocurrency in cross-border settlements without restrictions. Following the transition period, as of July 1, 2027, there are plans make illegal intermediary activities in the cryptocurrency market punishable by law, with similar penalties as for illegal banking activities.