Sberbank Cleared by Russia’s Central Bank to Launch Regulated Crypto Trading Operations

In brief

• The Bank of Russia added Sberbank to its register of crypto exchange operators on October 12, six days after listing it as a digital depository.
• Sberbank plans to launch its first crypto products on December 1 inside SberBank Online, SberInvestments and SberBusiness, starting with Bitcoin, Ethereum and USDT.
• Retail buyers face a 300,000 ruble annual cap per intermediary and a mandatory knowledge test, and paying for goods with crypto remains illegal in Russia.

Russia’s central bank has officially authorized Sberbank, the nation’s largest financial institution, to engage in cryptocurrency trading operations. The authorization, published on the Bank of Russia’s website, grants the bank the right to buy and sell digital assets using its own name and capital, as reported by Russian business outlet Interfax.

This regulatory approval follows closely on the heels of Sberbank’s addition to the central bank’s register of digital custodians just six days earlier. By holding both licenses simultaneously, Sberbank can function as both a trading intermediary and custodian for its clients, eliminating the need for customers to rely on third-party platforms for asset storage and transaction execution.

With these dual registrations in place, Sberbank confirmed it intends to introduce its initial cryptocurrency services on December 1, integrating digital asset trading into its existing customer platforms, including SberBank Online, SberInvestments, and SberBusiness. The bank’s inaugural offerings will include Bitcoin, Ethereum, and Tether’s USDT stablecoin.

While Sberbank has outlined an ambitious December timeline, the bank has indicated that the launch remains contingent upon final implementation of supporting regulations from the central bank. Despite receiving both required approvals, the remaining rulemaking framework represents the final hurdle before going live.

Sberbank reported 110.6 million retail clients and 3.5 million corporate clients at the end of Q2, making any integrated crypto service a potentially significant revenue stream. Offering digital asset access directly through familiar banking interfaces could transform what was once a fragmented, specialist market into a mainstream consumer financial product within Russia’s traditional banking ecosystem.

Deputy Chairman Anatoly Popov has projected that Russia’s regulated crypto trading market could grow to 4 trillion rubles (approximately $46 billion) in its first year under the new legal framework, scaling to 7.5 trillion rubles (nearly $89.7 billion) by 2029. Additionally, Sberbank plans to eventually accept BTC, ETH, and USDT as collateral for loans once these assets are formally permitted in public circulation under central bank guidelines.

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Under legislation signed by President Vladimir Putin in August, non-qualified investors are limited to purchasing 300,000 rubles (approximately $3,800) worth of cryptocurrency annually through each intermediary. Additionally, all retail participants must successfully complete a mandatory knowledge assessment, and the central bank’s preliminary list of approved digital assets is restricted to Bitcoin, Ethereum, and USDT.

This represents a dramatic shift from the Bank of Russia’s previous stance, which in January 2022 had proposed a complete ban on cryptocurrency usage, mining, and exchange activities due to perceived risks to financial stability. Now, less than five years later, the central bank is licensing Russia’s largest bank to operate a fully regulated crypto desk. Despite this progress, using cryptocurrency as payment for goods and services within Russia remains prohibited by law, meaning Sberbank customers can acquire Bitcoin and other approved tokens but cannot spend them on domestic purchases.

The central bank has given existing entities already operating under the new framework until September 1, 2027, to achieve full compliance with all regulatory requirements outlined in the updated legislation.

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