Sberbank begins testing bitcoin, ether and USDT trading

Sberbank has received authorization from Russia’s central bank to trade digital assets and is preparing bitcoin, ether and USDT transactions in its app. The bank was added to a registry of authorized crypto service providers after being registered as a digital depositary earlier this month. First products are expected on December 1, with crypto transactions required to go through approved intermediaries from July next year.

EXPANDED:

Sberbank's addition to the central bank's authorized crypto-provider list follows its earlier registration as a digital depositary. The registry now has nine entities, including VTB and T-Invest Lab. This contrasts with the central bank's 2022 proposal, which contemplated banning domestic exchanges and blocking Russian financial intermediaries from crypto operations.

A law effective September 1 created a regulated structure involving banks, brokers, exchanges and digital depositaries. Authorized dealers may trade crypto with their own funds without an organized platform, while depositaries record ownership and transfers. Sberbank has been developing a crypto wallet and plans initial offerings on December 1 through existing