Sberbank approved by Russia's central bank to launch crypto trading and custody services, targeting Bitcoin, Ethereum, and Tether by December 1.
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Sberbank has received approval from Russia's central bank to operate as a crypto exchange organization, joining ten firms now registered to trade digital currencies. The bank simultaneously qualified as a digital depository, making it one of only two entities holding both designations—a role that entails managing client cryptocurrency records and facilitating transfers.
The lender intends to activate its crypto trading infrastructure and depository services by December 1, with initial support for Bitcoin, Ethereum, and Tether. These offerings will be accessible through Sberbank's existing mobile and web banking applications, embedding crypto functionality into its established user platforms.
The timeline depends partly on regulatory readiness; the central bank's final approval decision and the completion of implementing regulations remain conditional factors that could affect the stated launch date.