Russia’s largest bank, Sberbank, has received approval from the Central Bank of Russia to be officially added to the register of cryptocurrency trading service providers. It plans to launch trading services for users through its existing app on December 1. The bank is currently testing trading features for assets such as BTC, ETH, and USDT in the app. The final list of tokens available for trading will be determined by the Central Bank of Russia. This approval marks a further shift in the regulation of Russia’s crypto market toward compliance. In 2022, the central bank had proposed banning financial institutions from engaging in crypto-related activities, but new regulations that took effect in September this year are beginning to establish a regulated market involving banks, brokers, and other participants. The register currently includes nine institutions, including VTB and T-Invest Lab. Note that cryptocurrency payments remain prohibited in Russia, and starting next July, crypto trades will have to be conducted through registered intermediaries. Peer-to-peer transactions between individuals through bank accounts may be restricted.

$BTC $ETH $SBERBANK