Ethereum
Sberbank Receives Central Bank Clearance for Crypto Trading and Custody Services
Russia's top lender will enable clients to trade and store digital assets starting December 1 after securing central bank approval.
Sberbank, Russia's largest banking institution, is scheduled to introduce cryptocurrency trading services on December 1 after obtaining regulatory clearance. The Central Bank of Russia approved the lender's digital asset exchange operations earlier this week, following an earlier approval for digital asset custody.
Sberbank noted that its new status permits the organization to integrate digital currency trading directly into platforms its clients already utilize. The lender is reportedly testing transactions with Ethereum, Bitcoin, and Tether, with additional permitted assets determined by regulatory guidelines.
With Sberbank's addition, nine entities are now licensed to operate as digital asset exchanges in Russia, including VTB and T-Invest. Licensed exchanges handle conversions and trading, while custody authorization covers the tracking and safekeeping of digital holdings.
The licensing wave follows secondary legislation enacted in late September under the country's federal digital currency law, which took effect September 1. Applications formally opened on October 5, establishing a codified legal environment for domestic institutional participants.
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