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【Russian bank Sberbank approved to conduct cryptocurrency trading; plans to December launch BTC、ETH trading】
Russia's largest bank Sberbank has received approval from the Bank of Russia to conduct cryptocurrency trading. According to Interfax, the Bank of Russia has added Sberbank to its register of cryptocurrency trading service providers. The bank had previously also been included in the register of digital asset custodians, qualifying it to record clients' cryptocurrency asset holdings.Sberbank plans, starting December 1, to offer cryptocurrency trading services to users through its existing client platform, and is currently testing trading functionality for assets such as BTC、ETH、USDT. The Bank of Russia will determine the final list of tokens supported for trading. This approval indicates that regulation of Russia's cryptocurrency market is moving further toward compliance. In 2022, the Bank of Russia proposed banning domestic cryptocurrency trading platforms and financial institutions from participating in cryptocurrency-related business, but new regulations taking effect this September have begun establishing a regulated market involving banks, brokers, trading platforms, and digital asset custodians. The Bank of Russia's register of cryptocurrency trading service providers currently includes 9 institutions, including VTB and T-Invest Lab. However, using cryptocurrency for payments remains prohibited in Russia. The Bank of Russia stated that, starting July, cryptocurrency transactions must be completed through registered intermediaries, and peer-to-peer transactions conducted between individuals through bank accounts may be restricted.