Author: Jose Antonio Lanz
Compiled by Deep潮 TechFlow
Deep潮 Summary: Within six days, the Central Bank of Russia added Sberbank to both the list of digital custodial institutions and the list of cryptocurrency exchange institutions, granting the country’s largest state-owned bank dual capabilities in custody and proprietary trading. More significant than “Russia’s acceptance of crypto” is the scale of distribution: 110 million retail customers can now directly buy and sell BTC, ETH, and USDT through their everyday banking apps—and the inclusion of USDT among the首批 tradable assets signals a potential shift in the role of USD stablecoins within sanctioned economies.
Sberbank now holds both custody and exchange licenses under Russia’s new cryptocurrency regulations and plans to integrate Bitcoin, Ethereum, and USDT into its app, used by 110 million retail customers.
Image: Moscow, Russia. Credit: Shutterstock/Decrypt
On October 12, the Central Bank of Russia added Sberbank to the list of cryptocurrency exchange operators, just six days after designating it as a digital custodian.
Sberbank plans to launch its first cryptocurrency products on December 1 on SberBank Online, SberInvestments, and SberBusiness, initially offering Bitcoin, Ethereum, and USDT.
Retail buyers are limited to an annual investment cap of 300,000 rubles per intermediary and must pass a mandatory knowledge test; purchasing goods with cryptocurrency remains illegal in Russia.
According to Russian media Interfax, the Central Bank of Russia has added Sberbank to its list of authorized institutions for cryptocurrency exchange, meaning the country’s largest bank is now permitted to buy and sell cryptocurrencies using its own funds under its own name. This decision has been published on the regulator’s official website.
Just six days ago, the central bank added Sberbank to another list of digital custodians, entities responsible for maintaining the official record of "who holds which coins." Holding both qualifications means this bank can act as a counterparty to client trades while also maintaining accounting records for the client’s holdings, without needing to direct anyone to an external trading venue.
Sberbank stated that its custodial license will enable it to offer cryptocurrency services within the interfaces already used by its customers—SberBank Online, SberInvestments, and SberBusiness. According to its press service, the bank plans to initially launch Bitcoin, Ethereum, and Tether’s USDT starting December 1.
The bank has left some flexibility regarding this date, stating it depends on the central bank’s decisions and whether the accompanying secondary regulations will be ready on time. Now that the Russian central bank has granted both approvals, the main remaining variable is the secondary rulebook.
Based on its quarterly performance, Sberbank had 110.6 million retail customers and 3.5 million business customers by the end of the second quarter. Integrating cryptocurrency into this user base would effectively turn a regulated on-ramp into just another menu option within customers’ everyday banking apps.
Vice Chairman Anatoly Popov forecasts that, in the first year of the new regime, Russia’s cryptocurrency trading volume could reach 4 trillion rubles (approximately $46 billion), rising to 7.5 trillion rubles (nearly $89.7 billion) by 2029. Once the central bank permits Ethereum and USDT to enter public circulation, it also plans to accept them alongside Bitcoin as collateral for loans.
According to the law signed by Putin in August, non-qualified investors may invest a maximum of 300,000 rubles (approximately $3,800) per year through each intermediary; buyers must pass a knowledge test, and the central bank’s draft list of tradable cryptocurrencies includes only Bitcoin, Ethereum, and USDT.
In January 2022, the Central Bank of Russia proposed a complete ban on the use, mining, and trading of cryptocurrencies, citing threats to financial stability. Less than five years later, it is issuing licenses to the country’s largest bank to operate cryptocurrency trading desks. As of now, using cryptocurrencies for purchases within Russia remains illegal, so Sberbank customers can buy Bitcoin but cannot use it to make purchases.
The central bank stated that institutions listed on the registry must fully comply with the new law by September 1, 2027.