Russia introduced a comprehensive legal regime for digital assets on 1 September, defining how cryptocurrencies and related rights may be handled. The framework permits transactions through existing channels—exchanges, brokers and trustees—and adds crypto-specific exchanges and digital depositories to the permitted infrastructure. Since 5 October, banks and other entities have been able to apply for the required licences, with established players often receiving approval within a single day.
Sberbank’s new role
The central bank has now listed Sberbank among the organisations cleared to operate a crypto exchange and to act as a digital depository. This move follows the bank’s earlier approval to custody Bitcoin, making it the first Russian institution with that capability. The licence enables Sberbank to keep records of digital assets and to facilitate transfers, covering both Bitcoin and a range of smaller tokens. In a statement, the bank said the permission will let it deliver crypto-related services through the same client interfaces it already uses for traditional banking.
The register now includes eight other firms, such as state-controlled VTB and T-Invest Lab, a subsidiary of T-Technologies that also runs the online lender T-Bank. By joining this list, Sberbank can offer exchange services alongside these existing participants.
Investor limits and market access
Under the new rules, retail participants who do not meet qualification criteria may purchase Bitcoin, other cryptocurrencies and stablecoins up to a ceiling of 300,000 rubles (about $3,560) per year through a single intermediary. Investors who satisfy the qualification standards will be able to trade any digital asset listed on the exchange or available on over-the-counter platforms.
Upcoming services
Sberbank plans to roll out its own cryptocurrency wallet in December, coinciding with the Moscow Exchange’s launch of crypto trading. The timing suggests a coordinated effort to broaden retail exposure to digital assets while remaining within the regulatory limits.
Why it matters
The approval expands the number of traditional banks offering crypto services in Russia, signaling a shift toward mainstream acceptance of digital currencies. By integrating crypto functions into existing banking interfaces, Sberbank could lower barriers for everyday users, potentially increasing participation within the capped retail limits. At the same time, the dual rollout of a bank-backed wallet and a major exchange platform may deepen the domestic market’s liquidity and set a precedent for other financial institutions seeking similar licences.
