Sberbank, Russia's largest bank, gains regulatory approval to trade and custody Bitcoin, Ethereum, and USDT for 110 million retail clients.
Regulation & Gov ·
Russia's central bank has registered Sberbank as both a crypto exchange operator and digital depository, six days apart in October, enabling the country's largest lender to trade and hold Bitcoin, Ethereum, and USDT on its own balance sheet. Sberbank plans to launch these crypto products on December 1 within its existing mobile and investment apps, potentially reaching its 110.6 million retail clients, though the bank has indicated the launch date depends on secondary regulations being finalized. Retail buyers will face a 300,000 ruble annual spending cap per intermediary and must pass a mandatory knowledge test, while using cryptocurrency to purchase goods remains prohibited in Russia.