Russia's central bank has authorized Sberbank to exchange digital currencies, adding the bank to its official register of approved organizations.
Sberbank was previously added to the list of digital depositories, which maintain records of cryptocurrencies and digital rights. The bank now joins eight other organizations on the exchange register, including VTB, Russia's second-largest bank, and T-Invest Lab, part of T-Technologies.
Last month, Sberbank announced it was the first organization in Russia approved to custody bitcoin. The Bank of Russia authorized the bank for "digital currency record-keeping" and to facilitate the transfer of such assets, covering bitcoin and other cryptocurrencies.
New Legal Framework
A law on digital currencies and digital rights took effect in Russia on September 1, establishing a comprehensive legal framework for cryptocurrency circulation. Banks and other organizations have been able to apply to the central bank for licenses since October 5, with some existing players able to obtain licenses on a notification basis within one day.
Under the new rules, unqualified investors can purchase bitcoin and other cryptocurrencies, including stablecoins, up to 300,000 rubles ($3,556) per year through a single intermediary. Qualified investors have access to all cryptocurrencies traded on exchanges and over-the-counter markets.
Market Rollout
Sberbank plans to launch its crypto wallet in December, the same month the Moscow Exchange will debut crypto trading.
