Sberbank Gains Approval for Cryptocurrency Exchange Operations
- Sberbank is now officially listed as a cryptocurrency exchange provider by the Bank of Russia.
- The bank previously joined the digital depository register, enabling it to record clients’ crypto holdings.
- There are currently nine organizations on the cryptocurrency exchange register, including VTB and T-Invest Lab.
- This approval represents a shift from the Bank of Russia’s earlier proposal to ban domestic crypto exchanges.
- A new law effective September 1 establishes a regulated market for cryptocurrencies involving banks and brokers.
The addition of Sberbank to the cryptocurrency exchange providers’ list reflects Russia’s efforts to integrate crypto into its regulated financial system, moving away from previous restrictions on trading activities.
With this development, Sberbank can now offer both trading and custody services, further enhancing its role in the evolving Russian market. The establishment of nine registered organizations marks significant progress in regulatory acceptance of cryptocurrency operations in Russia.
