Russia’s Sberbank Wins Approval to Operate as a Crypto Exchange

Sberbank, Russia’s largest bank, received approval from the Bank of Russia to operate as a cryptocurrency exchange, bringing one of the country’s biggest financial institutions into its regulated digital-asset market.

The central bank added Public Joint Stock Company Sberbank of Russia to its register of authorized digital-currency exchange organizations on Oct. 12. Sberbank had already entered the digital-depository register on Oct. 6, allowing it to record and transfer digital currencies and digital rights.

Sberbank plans to introduce its first crypto products on Dec. 1 through interfaces already used by its customers. The bank’s planned expansion follows Russia’s digital-currency law, which took effect Sept. 1 and established a framework for registered exchange operators and digital depositories.

The Bank of Russia’s framework separates exchange services from digital-depository functions. Exchange operators may buy and sell digital currencies outside organized trading venues, while digital depositories record ownership and transfers. Domestic cryptocurrency payments remain prohibited.