According to recent reports, Russia’s central bank has officially included Sberbank in its registry of organizations approved to trade digital currencies.
Earlier this month, Sberbank was also incorporated into the roster of digital depositories tasked with maintaining records of digital rights and cryptocurrencies.
A Monday report from Interfax notes that Sberbank now joins eight other entities on the exchange register. This group includes T-Invest Lab—a subsidiary of T-Technologies, which additionally operates the online lender T-Bank—alongside state-backed VTB, the country’s second-largest financial institution.
This development arrives as Russia rapidly advances its regulatory framework surrounding Bitcoin. Last month, Sberbank revealed it had become the country’s first institution cleared to provide bitcoin custody.
The Bank of Russia granted approval for “digital currency record-keeping” and the facilitation of asset transfers, encompassing both Bitcoin and various smaller cryptocurrencies.
“This status will allow the bank to provide services related to organizing the circulation of digital currency on interfaces which clients already use,” Sberbank stated in the news coverage.
On September 1, a comprehensive new law governing digital currencies and digital rights took effect in Russia, establishing a formal legal framework for cryptocurrency circulation. Under these guidelines, cryptocurrency transactions may occur through established infrastructure such as brokers, exchanges, and trustees, alongside newly authorized digital depositories and crypto exchanges.
While digital depositories log the ownership rights of these assets, crypto exchanges facilitate the actual buying and selling processes.
Since October 5, financial institutions and other entities have had the ability to apply to the CBR for these specific licenses. Certain established market participants benefit from streamlined market access, allowing them to secure licenses via a notification process taking just one day.
The updated regulations permit unqualified investors to purchase stablecoins, Bitcoin, and other cryptocurrencies up to an annual limit of 300,000 rubles (roughly $3,556) through a single intermediary.
Meanwhile, qualified investors maintain full access to all digital assets traded across over-the-counter and exchange markets.
Sberbank plans to roll out its cryptocurrency wallet in December, which coincides with the Moscow Exchange’s scheduled launch of crypto trading that same month.
FAQ
Has Sberbank been authorized to exchange cryptocurrencies?
Yes, Russia’s central bank has added Sberbank to its official register of organizations permitted to exchange digital currencies.
What is the annual purchase limit for unqualified investors in Russia?
Unqualified investors are restricted to buying up to 300,000 rubles ($3,556) per year through a single intermediary.
When will Sberbank release its crypto wallet?
Sberbank is scheduled to launch its cryptocurrency wallet in December.
When did the new digital currency law take effect in Russia?
A comprehensive legal framework for cryptocurrency circulation officially took effect in Russia on September 1.
