Key facts
- Sberbank can now buy and sell crypto using its own money.
- Retail buyers face a 300,000 ruble annual cap per intermediary.
- A mandatory knowledge test is required for retail crypto buyers.
- Paying for goods with crypto remains illegal in Russia.
- Sberbank plans to offer Bitcoin, Ethereum, and USDT products.
The Bank of Russia has added Sberbank, the country's largest lender, to its register of organizations authorized to exchange digital currencies. This approval allows Sberbank to buy and sell crypto assets using its own funds and money. The decision was posted on the regulator's website, according to Interfax. This follows Sberbank's listing as a digital depository six days prior. The dual status enables the bank to act as both counterparty to a client's trade and maintain the ledger of holdings without needing an external venue. Sberbank plans to integrate crypto services into its existing platforms, including SberBank Online, SberInvestments, and SberBusiness, with Bitcoin, Ethereum, and Tether's USDT slated for launch on December 1. The bank has indicated this launch is contingent on further central bank decisions and readiness of secondary regulations. Sberbank reported 110.6 million retail clients and 3.5 million corporate clients at the end of the second quarter. Deputy Chairman Anatoly Popov has projected that crypto trading volumes in Russia could reach 4 trillion rubles ($46 billion) in the first year and 7.5 trillion rubles ($89.7 billion) by 2029. The bank also intends to accept Ethereum and USDT as collateral for loans, pending central bank approval for their public circulation. Under a law signed by President Vladimir Putin in August, non-qualified investors are limited to spending up to 300,000 rubles annually per intermediary and must pass a knowledge test. Spending crypto for payments within Russia remains illegal.