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      Russia's Sberbank approved to conduct crypto trading, plans to launch BTC and ETH trading in December

      PANews reported on October 13, citing CoinDesk, that Sberbank, Russia's largest bank, 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 been included in the digital asset depository register, qualifying it to record clients' crypto asset holdings.

      Sberbank plans to launch cryptocurrency trading services to users through its existing client portal starting December 1, and is currently testing trading functions for assets such as BTC, ETH, and USDT within its app. The final list of tokens supported for trading will be determined by the Bank of Russia. This approval signals a further shift toward compliance in Russia's crypto market regulation. In 2022, the Bank of Russia had proposed banning domestic crypto trading platforms and financial institutions from participating in crypto business, but new regulations that took effect in September this year began establishing a regulated market involving banks, brokers, trading platforms, and digital asset depositories.

      Currently, there are nine institutions on the Bank of Russia's register of cryptocurrency trading service providers, including VTB and T-Invest Lab. However, the use of cryptocurrency for payments remains prohibited within Russia. The Bank of Russia stated that starting July next year, cryptocurrency trading will need to be conducted through registered intermediaries, and peer-to-peer transactions between individuals via bank accounts may be restricted.


      Source: PANews
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