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Russia’s licensed crypto platforms may look private, but they function as tools of state control. This article examines how Sberbank, Atomyze, and Lighthouse enable blockchain experimentation without decentralization.

Russia legalized Bitcoin mining in 2024 to monetize energy and bypass sanctions. But tight controls on access, exports, and enforcement remain.

Crypto trading in Russia is legal, but only for institutions and certified investors operating within a rigid regulatory framework. Retail access remains blocked, as the state maintains strict control over digital finance.

Sberbank has emerged as Russia’s crypto trailblazer, launching Bitcoin-linked bonds and positioning itself as a key market maker. Its strategy blends state-backed regulation with financial innovation, reshaping the country’s digital asset landscape.

The Central Bank of Russia has shifted from outright opposition to cautious acceptance of cryptocurrency. As state institutions move forward, the CBR remains a reluctant gatekeeper, clinging to control through regulation and its digital ruble project.