Sberbank Wins Approval for Crypto Trading Ahead of December Launch

Russia’s biggest bank, Sberbank, has received clearance from the Bank of Russia to trade cryptocurrencies including Bitcoin, setting the stage for a planned December debut. The central bank’s updated register, released Tuesday, now lists ten authorized crypto exchange operators and six digital custodians, up from four and five just a week ago. VTB and nonbank firms like T Invest Lab and Atomyze also appear on the lists.

Bitcoin Ether and USDT Products Planned

Sberbank previously announced it would offer trading in Bitcoin, Ether and Tether’s USDt starting December 1 through its SberBank Online, SberInvestments and SberBusiness platforms. Testing of crypto purchases, sales, deposits and withdrawals has already begun inside the bank’s mobile app, according to local business newspaper Vedomosti. The lender noted the final timeline still hinges on further central bank regulations.

New Crypto Rules Take Effect September 1

The registrations follow Russia’s updated crypto framework, which took effect September 1 and placed exchange operators and custodians under central bank supervision. However, using digital currencies to pay for goods and services remains prohibited in the country.