Russia's largest bank, Sberbank, has joined the Central Bank of Russia's cryptocurrency trading registry and also entered the digital custody registry earlier this month.
Sberbank plans to open cryptocurrency trading to all customers on December 1, and is currently testing BTC, ETH, and USDT trading in its app.
This opening comes with stricter regulations: crypto payments remain prohibited, and starting July 2027, transactions must be conducted through registered intermediaries.
According to Interfax, Russia's largest bank, Sberbank, has been approved to exchange cryptocurrencies, advancing Moscow's efforts to bring crypto trading and custody into the regulated financial system.
The Central Bank of Russia has added Sberbank to its register of cryptocurrency trading service providers. Earlier this month, the bank also joined the digital custody register, enabling it to record clients' cryptocurrency asset holdings.
Currently, there are nine institutions listed on the trading register, including VTB and T-Invest Lab.
This approval marks Russia’s further departure from its 2022 ban on domestic cryptocurrency exchanges and the prohibition on Russian financial intermediaries handling cryptocurrencies. A law effective September 1 established a regulated market involving banks, brokers, exchanges, and digital custodians.
These two registrations cover different segments of the market. According to the central bank, registered crypto traders may use their own funds to buy and sell cryptocurrencies outside organized exchanges, while custodians are responsible for recording ownership and transfers.
This openness comes with stricter controls on how investors hold and transfer tokens. Cryptocurrency payments within Russia remain prohibited, and the central bank stated that, starting in July next year, cryptocurrency transactions must be conducted through registered intermediaries. This effectively excludes peer-to-peer transactions settled via Russian bank accounts.
According to Interfax, Sberbank plans to launch its first products on December 1 through interfaces already in use by its customers. The bank has been preparing its infrastructure for cryptocurrency trading.
According to Vedomosti, Sberbank has tested trading of BTC, ETH, USDT, and other major tokens in its app, but the final list of allowed tokens will be determined by the central bank.