Russia’s Largest Bank Is Approved To Trade Crypto

Russia’s largest bank, called Sberbank, has been approved to trade cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH).

Russia’s central bank has added Sberbank to its register of cryptocurrency exchange providers. The move advances Moscow’s goal to bring crypto trading and custody into its financial system.

There are now nine organizations in Russia that are approved for trading cryptocurrencies.

The approvals are a reversal from the Bank of Russia’s 2022 ban on domestic crypto exchanges that prohibited Russian financial institutions from handling crypto.

A new Russian law that took effect on Sept. 1 of this year creates a regulated market involving banks, brokers, exchanges, and digital depositories.

Now, registered crypto dealers can buy and sell crypto using their own funds outside organized exchanges, while depositories record ownership and transfers, according to the central bank.

The combination provides a route to offer both trading and custody-related services for Sberbank, which is reported to be developing a digital wallet for storing digital assets.

However, domestic crypto payments remain prohibited in Russia, and the central bank says that from July of next year, crypto transactions will have to go through registered intermediaries.