Sberbank, Russia's largest bank, has received approval from the Central Bank of Russia to launch crypto trading on December 1. The bank previously obtained a custody license, allowing it to both safekeep digital assets and facilitate their trading on platforms accessible to its clients.
The approvals bring the number of firms licensed to operate as digital asset exchanges in Russia to nine, including Sberbank, T-Invest, and VTB. Sberbank is conducting tests with Bitcoin, Ethereum, and Tether, though additional tokens may be permitted under central bank guidelines.
Regulatory Framework
These developments follow Russia's "Digital Currencies and Digital Rights" federal law, which took effect on September 1 and introduced licensing requirements for cryptocurrency market participants. Secondary legislation covering custodians and exchanges was approved in late September, with license applications opening on October 5.
Russia's regulatory approach differs from that of the United States. While the Russian framework is codified into law, the U.S. has pursued crypto adoption through financial institutions without similar legislative action. Additionally, Russia imposes investment caps for retail investors at 300,000 roubles annually, approximately $3,500 per year, while accredited institutional investors face no such restrictions. The United States has no comparable caps on crypto investment.
According to Chainalysis, Russia ranked 16th globally for crypto adoption in 2026.
