Sberbank cleared to offer crypto trading and custody services in Russia

The Russian central bank placed Sberbank on its official list of crypto-exchange operators on 12 October, following an earlier designation as a digital depository. The dual status permits the bank to both match buyers and sellers and keep a record of client holdings internally, eliminating the need for external venues.

Services and Rollout

Sberbank plans to embed crypto products into its existing digital channels—SberBank Online, SberInvestments and SberBusiness—beginning 1 December. The initial offering will include Bitcoin, Ethereum and Tether’s USDT. The bank has indicated that the launch date depends on final secondary regulations, but both primary approvals are now in place.

Regulatory Context

Under Russian law enacted in August, non-qualified investors may purchase up to 300,000 rubles (about $3,800) per year through each intermediary, and must first pass a knowledge-assessment test. The legislation also bars the use of crypto for direct payments, meaning customers can acquire digital assets but cannot spend them on goods or services inside Russia. The central bank’s draft list of permissible tokens currently limits trading to the three assets Sberbank intends to support. Firms on the register must achieve full compliance by 1 September 2027.

Market Impact

Sberbank reported 110.6 million retail and 3.5 million corporate clients at the end of the second quarter. Integrating crypto into that base creates a regulated on-ramp within an app many customers already use for everyday banking. Deputy Chairman Anatoly Popov projected that domestic crypto trading could reach 4 trillion rubles (roughly $46 billion) in the first year of the new regime, climbing to 7.5 trillion rubles (about $89.7 billion) by 2029. The bank also signaled plans to accept Bitcoin, Ethereum and USDT as loan collateral once the central bank permits broader circulation.

Why it matters

Sberbank’s entry marks a significant shift from the Bank of Russia’s earlier stance, which in early 2022 floated a total ban on crypto activities. Granting the nation’s biggest lender permission to act as both exchange and custodian signals a move toward regulated participation in the crypto market, potentially unlocking a sizable retail segment while maintaining strict controls on spending and investor qualification.