Russia’s Central Bank Approves Sberbank for Crypto Exchange Services

The Central Bank of Russia has approved Sberbank to offer cryptocurrency exchange services under the country’s new digital asset regulations. The regulator added Russia’s largest lender to its authorized crypto exchange register on Monday, expanding its participation in the regulated cryptocurrency market.

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Russia’s Central Bank Adds Sberbank to Crypto Exchange Register

Sberbank has been added to the updated list of institutions authorized to exchange digital currencies by the Bank of Russia. The approval comes after the bank’s earlier enrollment as a digital depository to keep records of cryptocurrency ownership.

The authorization would enable Sberbank to offer cryptocurrency services via its existing digital banking platforms, the bank said. The bank plans to launch its first products on December 1, using interfaces already familiar to customers.

The development comes after Sberbank’s previous approval to provide cryptocurrency custody services. That registration confirmed the bank’s position in the national regulatory system when it comes to the registration of digital assets and the rights of the asset holders themselves.

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Russia Expands Licensed Crypto Exchange and Custody Services

Sberbank joins eight other organizations in the cryptocurrency exchange register, including VTB and T-Invest Lab. The latter operates within the T-Technologies group, which also includes T-Bank.

Meanwhile, the digital depository register in Russia has five organizations, including VTB and Atomyze. These institutions have records of cryptocurrency holdings and digital rights, and registered exchanges enable cryptocurrency transactions.

The two registers are designed for different functions within the framework of the new cryptocurrency legislation in Russia. Exchange operators facilitate digital currency transactions, and depositories record the ownership of digital currencies and provide administrative services.

The central bank began accepting applications for the relevant authorizations on October 5. Some of the current financial institutions are eligible to register by simplified procedures, such as notification-based registration within one business day.

New Crypto Law Opens Market to Licensed Banks

On September 1st, Russia’s cryptocurrency law went into effect, dictating the rules for trading, storing, and providing financial services in connection with cryptocurrencies. Authorized exchanges, brokers, trustees, and digital depositories are able to enter cryptocurrency transactions within the framework.

The changes also coincide with plans by traditional financial institutions to introduce regulated cryptocurrency products. Recently, the Moscow Exchange announced plans to launch cryptocurrency trading in December, following the introduction of the new regulations.

Under the framework, investors will be able to trade in cryptocurrencies via authorized intermediaries, subject to the eligibility criteria and the restrictions on trading.