The Bank of Russia has officially added Sberbank to its registry of authorized digital currency exchange organizations. This approval allows the lender to conduct crypto trading operations using its own funds and in its own name. The bank also holds a status as a digital depository, which enables it to maintain records of client holdings and act as a counterparty for trades internally.
Sberbank plans to integrate these services into its existing platforms, including SberBank Online, SberInvestments, and SberBusiness. The initial offering is scheduled to include Bitcoin, Ethereum, and Tether's USDT starting December 1, pending final regulatory readiness. The bank currently serves 110.6 million retail clients and 3.5 million corporate customers.
Deputy Chairman Anatoly Popov projects that crypto trading volumes in Russia could reach 4 ₽ trillion, approximately $46 billion, within the first year of the new regime. By 2029, these volumes are expected to grow to 7.5 ₽ trillion, or nearly $89.7 billion. The bank also intends to accept digital assets as loan collateral once permitted by the regulator.
Under current legislation signed in August, non-qualified investors are limited to annual transactions of 300,000 ₽, or about $3,800, per intermediary. Users must pass a knowledge test to participate. While trading is now authorized, the use of cryptocurrency as a payment method for goods and services remains illegal within the country.
