The Central Bank of Russia has approved Sberbank, the country's largest lender, to offer cryptocurrency exchange services under new digital asset regulations. The approval adds Sberbank to the authorized crypto exchange register, expanding participation in Russia's regulated cryptocurrency market.
Sberbank will offer cryptocurrency services through its existing digital banking platforms, with the bank planning to launch its first products on December 1. The authorization builds on Sberbank's earlier approval as a digital depository for maintaining records of cryptocurrency ownership.
Expanded Regulatory Framework
Sberbank joins eight other organizations on the cryptocurrency exchange register, including VTB and T-Invest Lab, which operates within the T-Technologies group. Russia's digital depository register includes five organizations, such as VTB and Atomyze, which record cryptocurrency holdings and digital rights.
The two registers serve separate functions within Russia's cryptocurrency legislation. Exchange operators facilitate digital currency transactions, while depositories record ownership and provide administrative services.
New Cryptocurrency Law Takes Effect
Russia's cryptocurrency law went into effect on September 1, establishing rules for trading, storing, and providing financial services related to cryptocurrencies. The Central Bank began accepting applications for relevant authorizations on October 5, with some financial institutions eligible to register through simplified procedures.
The regulatory framework allows authorized exchanges, brokers, trustees, and digital depositories to conduct cryptocurrency transactions. Investors can trade cryptocurrencies through authorized intermediaries, subject to eligibility criteria and trading restrictions. The Moscow Exchange has also announced plans to launch cryptocurrency trading in December.
