Russia's Sberbank Approved for Crypto Trading, to Launch BTC and ETH Services in December

ChainCatcher report, according to CoinDesk, Russia’s largest bank, Sberbank, has received approval from the Central Bank of Russia to engage in cryptocurrency trading. According to Interfax, the Central Bank of Russia has added Sberbank to its registered list of cryptocurrency trading service providers; the bank had previously been included on the register of digital asset custodians, granting it the authority to record clients’ cryptocurrency holdings. Sberbank plans to launch cryptocurrency trading services for users via its existing client portal starting December 1, and is currently testing trading functionalities for assets such as BTC, ETH, and USDT within its app. The final list of supported tokens will be determined by the Central Bank of Russia. This approval signifies a further shift toward regulatory compliance in Russia’s cryptocurrency market. In 2022, the Central Bank of Russia proposed banning domestic cryptocurrency exchanges and financial institutions from participating in crypto activities; however, new regulations that took effect in September have established a regulated market involving banks, brokers, trading platforms, and digital asset custodians. Currently, nine institutions are listed as registered cryptocurrency trading service providers by the Central Bank of Russia, including VTB and T-Invest Lab. Nevertheless, the use of cryptocurrencies for payments within Russia remains prohibited. The Central Bank of Russia stated that, beginning in July next year, cryptocurrency transactions must be conducted through registered intermediaries, and peer-to-peer transactions between individuals via bank accounts may be restricted.