Sberbank Gets Central Bank Nod for Crypto Exchange Activities

According to reports, the Bank of Russia has placed Sberbank on its list of entities that are permitted to trade digital currencies.

Earlier this month, Sberbank was included in the register of digital depositories, which are responsible for recording cryptocurrencies and digital rights.

Sberbank now becomes the ninth organization on the exchange register, alongside state-owned VTB, Russia's second-biggest bank, and T-Invest Lab, a subsidiary of T-Technologies that also operates online lender T-Bank, as reported by Interfax on Monday.

This development occurs amid Russia's rapid advancement of Bitcoin regulation. Last month, Sberbank revealed it had become the first Russian institution authorized to hold bitcoin in custody.

The Bank of Russia gave Sberbank authorization for "digital currency record-keeping" and to handle transfers of these assets, encompassing bitcoin and other smaller cryptocurrencies.

Sberbank stated in the news report that "This status will allow the bank to provide services related to organizing the circulation of digital currency on interfaces which clients already use,"

On September 1, a law regulating digital currencies and digital rights took effect in Russia, establishing a full legal structure for cryptocurrency trading. Cryptocurrency transactions can now be carried out through the current system of exchanges, brokers, and trustees, as well as through new crypto exchanges and digital depositories.

Digital currency purchases and sales occur on crypto exchanges, with the corresponding rights logged in digital depositories.

Since October 5, banks and other entities have been eligible to apply to the Central Bank of Russia for the relevant licenses. Certain existing market participants have expedited entry and can receive licenses through a notification process in as little as one day.

According to the new regulations, non-qualified investors can purchase bitcoin and other cryptocurrencies, including stablecoins, up to an annual cap of 300,000 rubles ($3,556) via a single intermediary.

Qualified investors will have the ability to trade all cryptocurrencies listed on exchanges and in over-the-counter markets.

Sberbank plans to launch its cryptocurrency wallet in December, coinciding with the Moscow Exchange's introduction of crypto trading.