Russia's Sberbank Approved for Crypto Exchange Services, Launching Products on December 1

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Digital Asset News: Russia’s Central Bank has approved Sberbank to operate as a digital currency exchange institution. The bank will launch its first products on December 1, offering digital currency services through its existing customer platforms. Sberbank is already registered as a digital custodian, enabling it to manage records for cryptocurrencies and digital collectibles. Russia’s laws on digital currencies and digital rights took effect on September 1, allowing banks to apply for licenses starting October 5. Some market participants can obtain licenses rapidly through registration.

ChainThink reports, according to Interfax, the Central Bank of Russia has added Sberbank to its list of authorized digital currency exchange institutions.

The bank plans to launch its first related products on December 1 and provide cryptocurrency liquidity services through its customers' existing interfaces. Previously, Sberbank has been added to the list of digital custodians, enabling it to offer record-keeping services for cryptocurrencies and digital rights.

The Russian law on digital currencies and digital rights took effect on September 1. Banks and other institutions may apply for the corresponding licenses from the Central Bank of Russia starting October 5, and certain existing market participants can obtain licenses within one day through registration.

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