The Bank of Russia added Sberbank to its register of authorized digital currency exchange operators on October 12, six days after listing the institution as a digital depository. The dual approval allows Russia's largest lender to trade cryptocurrency in its own name and maintain ownership records for client holdings without routing transactions through external venues.
Sberbank plans to launch its first cryptocurrency products on December 1 within SberBank Online, SberInvestments, and SberBusiness platforms, beginning with Bitcoin, Ethereum, and USDT. The bank noted the launch date depends on secondary regulations being finalized by the central bank, though both required approvals have now been granted.
The authorization gives Sberbank access to a substantial customer base. The bank ended the second quarter with 110.6 million retail clients and 3.5 million corporate clients, turning cryptocurrency into an additional service within apps those customers already use for everyday banking.
Regulatory framework and restrictions
Retail investors face strict limitations under the law signed in August. Non-qualified buyers can spend up to 300,000 rubles, approximately $3,800, annually per intermediary and must pass a mandatory knowledge test. The central bank's approved list of tradable assets includes only Bitcoin, Ethereum, and USDT.
Despite the trading approval, cryptocurrency cannot be used to purchase goods and services in Russia. Sberbank customers will be able to buy Bitcoin but cannot spend it domestically. The bank also plans to eventually accept Ethereum and USDT as collateral for loans once the central bank permits their circulation.
Authorized firms have until September 1, 2027, to bring their operations into full compliance with the new regulatory framework.
Policy reversal
The approval represents a significant shift in Russian policy. In January 2022, the Bank of Russia proposed banning cryptocurrency use, mining, and exchanges outright, citing threats to financial stability. Less than five years later, the regulator is licensing the country's largest lender to operate a cryptocurrency trading desk.
