Russia's largest bank to open crypto trading in December. Here's why it matters.

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Russia's largest bank, Spare Bank, secures approval to trade crypto. Spare Bank plans to open crypto trading to all clients December 1st. It is already testing BTC, ETH, and USDT trades in its app. So, here's what happened.

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Russia's Central Bank has approved Spare Bank or added them, the country's largest bank and like I said, maybe the biggest bank in the world, to its register of organizations authorized

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to exchange digital currencies themselves and on behalf of their customers.

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So they had already obtained the digital depository registration earlier this month to be able to custody assets. So as it said there in the headline, they will be offering their first products for December 1st. The news here is the approval.

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A full customer launch has not happened today. They're testing it, but it will.

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So there's nine organizations actually that can theoretically do this, including Spare Bank, VTP and NT Invest Labs. So,

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this is sort of the push and pull between the decentralized side and the crypto native exchanges and everything being co-opted or taken into the banking system. Now, I take it as a net positive that much less much like we reported with Charles Schwab and Morgan Stanley coming online in the United States, you have the biggest bank in Russia coming online as well.