Russia’s central bank has added Sberbank to the official register of organizations allowed to exchange digital currencies, giving the country’s largest lender approval to buy and sell crypto in its own name and with its own funds.

The decision comes six days after the Bank of Russia granted Sberbank digital depository status, a separate role covering the official record of coin ownership. Together, the two approvals position the bank to both trade digital assets and maintain records of client holdings under Russia’s new framework.

Two licenses, two functions

The exchange authorization allows Sberbank to operate as a digital currency trader, while the depository designation covers custody and recordkeeping. Holding both statuses means the bank can participate in crypto transactions itself and also maintain the ledger tied to customer assets.

The approvals mark a notable step in the rollout of Russia’s recently established crypto regime. In practical terms, they open the way for regulated crypto access through one of the country’s largest financial institutions.

Launch plans focus on existing Sber platforms

Sberbank has said it wants to offer crypto services through products customers already use, including SberBank Online, SberInvestments and SberBusiness. The bank said it plans to start with Bitcoin, Ethereum and USDT from December 1.

That timetable is not final. Sberbank said the launch depends on further decisions by the Bank of Russia and on secondary regulations being completed in time.

Potential scale and product expansion

Sberbank serves 110.6 million retail clients and 3.5 million corporate clients, giving it a large built-in user base if crypto trading is integrated into its existing apps and services. That could create a regulated on-ramp for customers using familiar banking interfaces.

Deputy Chairman Anatoly Popov said crypto trading volumes in Russia could reach 4 trillion rubles, or about $46 billion, in the first year and rise to 7.5 trillion rubles by 2029. The bank also said it plans to accept Ethereum and USDT as collateral for loans once those assets are allowed into public circulation.

Limits under the new law

The approvals sit within rules signed into law by President Vladimir Putin in August. Under that framework, non-qualified investors may spend up to 300,000 rubles, roughly $3,800, per year with each intermediary, and buyers must pass a knowledge test.

The central bank’s draft list of tradable coins currently includes only Bitcoin, Ethereum and USDT. Crypto also cannot be used as a means of payment inside Russia, meaning Sberbank customers may be able to buy digital assets through the bank, but not use them to pay for goods domestically.

What comes next

The next confirmed milestone is Sberbank’s planned December 1 rollout of Bitcoin, Ethereum and USDT services across its digital channels, provided the central bank issues the necessary decisions and the remaining regulations are in place.

How quickly the offering expands beyond trading and custody will depend on those same rules, including whether Ethereum and USDT are formally permitted for wider circulation and later use as loan collateral.

Source: decrypt.co