Sberbank Wins Approval to Trade Bitcoin in Russia
Russia's largest lender has been added to the central bank's crypto exchange operator and digital depository registers.
The Bank of Russia has added Sberbank to its register of crypto exchange operators, clearing the country's largest lender to buy and sell digital currencies in its own name and with its own money, according to Decrypt. The decision follows the central bank's earlier placement of Sberbank on its separate list of digital depositories.
Rollout and Supported Assets
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Sberbank plans to launch its first crypto products on December 1 inside interfaces including SberBank Online, SberInvestments, and SberBusiness. The initial offering will start with Bitcoin, Ethereum, and Tether's USDT. Holding both depository and exchange statuses allows the bank to act as the counterparty on client trades while maintaining the official record of holdings without using an external venue.
Regulatory Limits
Under Russia's new crypto legislation, retail buyers face a 300,000 ruble annual cap per intermediary and must pass a mandatory knowledge test. The Bank of Russia's draft list of tradable coins currently includes only Bitcoin, Ethereum, and USDT. Spending cryptocurrency to pay for goods within Russia remains strictly illegal.
Key facts
- The Bank of Russia added Sberbank to its crypto exchange operator register on October 12.
- Sberbank plans to launch crypto services on December 1 for Bitcoin, Ethereum, and USDT.
- Non-qualified investors face a 300,000 ruble annual cap and a mandatory knowledge test.
- Sberbank ended the second quarter with 110.6 million retail clients and 3.5 million corporate clients.
Source: decrypt.co
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