Sberbank becomes ninth crypto exchange provider on Russia’s register

Sberbank’s entry into Russia’s regulated crypto market signals Moscow’s shift from prohibition toward controlled integration of digital assets into its banking system. The approval expands access to cryptocurrency trading for Russian retail investors while tightening central bank oversight over custody and settlement.

• Sberbank joined the Bank of Russia’s crypto exchange register, becoming the ninth organization approved to trade cryptocurrencies.
• The bank plans to launch crypto trading to all clients on December 1, already testing BTC, ETH and USDT in its app.
• From July 2027, all crypto transactions must route through registered intermediaries, effectively banning peer-to-peer settlements via Russian bank accounts.

• 9 Organizations now registered as crypto exchange providers in Russia’s system
• Dec. 1 Date Sberbank plans to launch crypto trading to all retail clients

Russia’s largest bank, Sberbank, has secured approval to operate as a cryptocurrency exchange, marking a significant expansion of Moscow’s regulated digital asset market. CoinDesk reported that the Bank of Russia added Sberbank to its register of cryptocurrency exchange providers, according to Interfax. The approval follows Sberbank’s earlier listing on the digital depository register this month, positioning the bank to offer both trading and custody services. Nine organizations now sit on the exchange register, including VTB and T-Invest Lab.

Sberbank’s dual registry status enables full-service crypto offerings

Sberbank’s registrations cover complementary functions within Russia’s new crypto market structure. Registered crypto dealers like Sberbank can buy and sell cryptocurrencies using their own funds outside organized exchanges, while depositories record ownership and transfers. This combination creates the infrastructure for the bank to provide integrated trading and custody products to its customer base.

The bank has already been preparing the technical groundwork for crypto services and began developing a crypto wallet earlier this year.

Trading launch set for December 1 with initial token restrictions

Sberbank intends to debut crypto products on December 1 through existing customer interfaces, according to Interfax. The bank is currently testing trades in BTC, ETH, USDT and other major tokens within its application, though the central bank will ultimately determine the final list of permitted cryptocurrencies that Sberbank can offer.

The regulated market comes with strict guardrails on how investors transact. Domestic crypto payments remain prohibited under Russian law, and starting in July 2027, all crypto transactions must flow through registered intermediaries. This requirement effectively eliminates peer-to-peer settlement channels using Russian bank accounts, concentrating all trading activity through officially sanctioned institutions.

Sberbank’s approval reverses the central bank’s 2022 ban proposal

The Bank of Russia shifted course dramatically from its 2022 proposal to prohibit domestic crypto exchanges and bar Russian financial intermediaries from handling digital assets. A law that took effect September 1 instead created a regulated framework allowing banks, brokers, exchanges and digital depositories to participate in a formalized crypto market.

Sberbank’s approval represents the largest Russian financial institution to enter the system, potentially accelerating retail adoption of regulated crypto trading.

The BlockWest read. Sberbank’s entry matters less for whether Russia embraces crypto than for how it controls the flow. The bank becomes a chokepoint: all retail trades now funnel through a state-linked institution subject to transaction monitoring and capital controls. Institutional allocators should watch whether the central bank’s “permitted coins” list favors rubles-paired stablecoins or includes major alternatives like BTC and ETH in full.

The central bank has not yet published the final list of cryptocurrencies Sberbank will be permitted to trade when the December 1 launch occurs. Market participants should monitor whether the Bank of Russia announces additional restrictions or intermediaries in the weeks ahead.

BlockWest is a news publication. Nothing here is investment advice. Read our disclaimer and editorial policy.