Russia’s largest bank Sberbank secures approval to trade crypto
Russia's Sberbank has received regulatory approval to operate as a cryptocurrency exchange provider, marking a shift in the central bank's stance on digital assets. The bank plans to launch crypto trading and custody services for its customers by December 1.
Why it matters
This represents a significant move toward the institutionalization and regulation of cryptocurrency within the Russian financial system.
The Bank of Russia added Sberbank to its register of cryptocurrency exchange providers, according to Interfax . The bank had already joined the digital depository register earlier this month, giving it a role in recording clients’ crypto holdings.
There are now nine organizations on the exchange register, including VTB and T-Invest Lab.
The approval marks another step away from the central bank’s 2022 proposal to ban domestic crypto exchanges and prohibit Russian financial intermediaries from handling cryptocurrencies. A law that took effect Sept. 1 instead creates a regulated market involving banks, brokers, exchanges and digital depositories.
The two registrations cover different parts of that market. Registered crypto dealers can buy and sell cryptocurrencies using their own funds outside organized exchanges, while depositories record ownership and transfers, according to the central bank .
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in