Russia central bank authorizes Sberbank to offer cryptocurrency exchange services

The Bank of Russia has authorized Sberbank to exchange digital currencies, according to Bitcoin Magazine Markets, Cryptonews.net, and Decrypt. Sberbank is Russia's largest majority state-owned bank, headquartered in Moscow. Bitcoin Magazine Markets reported that the lender plans to debut its bitcoin-related exchange services in December. [1][2][5][11]

Bitcoin Magazine Markets citing Interfax reported that Sberbank was placed on the central bank exchange register alongside eight other organizations. These approved entities include state-controlled VTB, which is the second-largest bank in Russia, as well as T-Invest Lab, a business unit of T-Technologies that owns the online lender T-Bank. [1]

Decrypt reported that Sberbank holds both custody and exchange status under the crypto regulatory framework in Russia. According to Decrypt, the institution intends to introduce Bitcoin, Ethereum, and USDT trading functionality to applications that serve 110 million retail clients. [1][5]

Sberbank was previously added to the central bank list of registered digital depositories earlier in October, according to Bitcoin Magazine Markets. That designation permits the institution to maintain records of digital rights and cryptocurrencies. [1]