Russia's Sberbank wins nod to trade crypto, plans Dec. 1 launch
The central bank added Russia's largest bank to its crypto exchange register, Interfax reports. Sberbank is already testing BTC, ETH and USDT in its app.
Sberbank got approval to run a crypto exchange and depository, with product launch planned for Dec. 1. Crypto payments stay banned; from July next year trades must go through registered intermediaries.
Russia's biggest bank is stepping deeper into crypto. Sberbank has won approval to exchange cryptocurrencies after the Bank of Russia added it to the official register of crypto exchange providers, Interfax reports.
The bank already joined the digital depository register earlier this month, which lets it record clients' crypto holdings. Now it can buy and sell coins using its own funds outside organized exchanges, according to the central bank. Nine organizations are on that exchange register, including VTB and T-Invest Lab.
What Sberbank plans next
Sberbank plans to launch its first crypto products on Dec. 1 through the same interfaces its customers already use, Interfax reports. It is already testing BTC, ETH, USDT and other major tokens in its app, the bank told Vedomosti. The central bank will set the final list of permitted coins.
The rollout comes with tight rules. Domestic crypto payments stay banned. From July of next year, crypto transactions must go through registered intermediaries, which the central bank says will effectively shut out peer-to-peer trades settled through Russian bank accounts.
The takeaway
Russia is building a regulated crypto rail where big banks like Sberbank handle trading and custody. For traders elsewhere, it is another sign that state-backed lenders want a piece of crypto, but Russia's version is heavily intermediated and payments stay off the table.
Summary written by Oh Cannot from the original report by CoinDesk. Not financial advice.
