Sberbank, the largest bank in Russia tests buying and selling bitcoin, ether, and USDT

Russia continues the integration of cryptocurrencies in its financial system, with a growing role for traditional banks. Sberbank, the largest banking institution in the country, has just obtained authorization to trade digital assets. The bank is already preparing operations on Bitcoin, Ethereum, and USDT in its application. This advance accompanies the establishment of a market regulated by the Russian authorities, who want to organize the exchange and custody of cryptocurrencies.

Sberbank gets the green light to trade cryptocurrencies

The Bank of Russia has registered Sberbank in the register of authorized providers to exchange cryptocurrencies, according to the Interfax agency. This decision follows the bank’s registration as a digital custodian at the beginning of the month. It can thus prepare services covering two distinct activities: trading and custody of digital assets.

The register now includes nine organizations, including VTB and T-Invest Lab. This evolution marks a change of direction compared to the project presented by the central bank in 2022. At that time, the institution planned to ban national exchange platforms and block the operations of Russian financial intermediaries on cryptocurrencies.

However, a law that came into force on September 1st now establishes a regulated framework. It provides for the participation of banks, brokers, exchange platforms, and digital custodians. In this system, authorized traders can buy and sell cryptocurrencies with their own funds, without going through an organized platform. According to the Bank of Russia, custodians are responsible for recording asset ownership and transfers.

Bitcoin, ether and USDT: the first tests in the application

Thanks to these two authorizations, Sberbank will be able to combine trading services with custody services. The bank has also been working on a cryptocurrency wallet since the beginning of the year. According to Interfax, it plans to launch its first products on December 1st, directly from the interfaces its clients already use.

The institution is currently testing transactions on several digital assets in its application. The trials focus notably on Bitcoin, Ethereum, USDT, and other major tokens. However, the Bank of Russia still needs to define the final list of authorized cryptocurrencies, as indicated by Sberbank to the media Vedomosti. This decision will therefore determine the assets accessible to future users of banking services.

This openness remains subject to precise restrictions. National payments in cryptocurrencies remain prohibited in Russia. In addition, the central bank plans that from next July, transactions will have to go through authorized intermediaries. This rule would effectively exclude peer-to-peer exchanges settled by means of Russian bank accounts.

In the short term, Sberbank must finalize its services while respecting regulatory requirements. The launch announced for December 1st will mark a new stage in crypto regulation in Russia. The final list of authorized assets and the access modalities will then specify the scope of this offer. The evolution of the system will depend notably on the rules set by the central bank and their application to client operations.