Russia’s largest bank Sberbank secures approval to trade crypto
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Summary
Russia’s largest bank, Sberbank, has been added to the Bank of Russia’s cryptocurrency exchange register, allowing it to exchange cryptocurrencies. The bank is testing trades of BTC, ETH, and USDT in its app and plans to open crypto trading to all clients starting December 1, 2026. This development aligns with new regulations creating a regulated crypto market involving banks, brokers, exchanges, and digital depositories in Russia.
Why it matters
The approval of Sberbank to trade crypto signals a shift in Russian regulation from a previous 2022 proposal to ban domestic crypto exchanges toward a controlled and regulated crypto market. This may institutionalize cryptocurrency trading within Russia’s financial system but continues to prohibit crypto payments and limits transactions to registered intermediaries from July 2027.
Key context
In 2022, the Bank of Russia proposed banning domestic crypto exchanges and forbidding intermediaries from handling cryptocurrencies. Since September 1, 2026, a new law enables a regulated market architecture involving banks, brokers, exchanges, and digital depositories. Registered crypto dealers and digital depositories serve distinct functions in trading and recording ownership, respectively. Sberbank had already joined the digital depository register earlier in the month, complementing its new status as a registered crypto exchange.
Key numbers and entities
The Bank of Russia, Sberbank, VTB, T-Invest Lab, BTC (Bitcoin), ETH (Ethereum), USDT (Tether). Nine organizations are currently on the crypto exchange register. Sberbank plans to open crypto trading to clients on December 1, 2026, and from July 2027 all trades must occur via registered intermediaries.
What remains unclear
The final list of cryptocurrencies permitted for trading by the central bank has not yet been established. Details on how exactly Sberbank’s trading infrastructure will function and what specific trading products will launch are not provided. The broader impact on Russian crypto users and the volume or scale of expected trading activity is also not addressed.