The Russian central bank has given the country’s largest bank, Sberbank, permission to offer cryptocurrency exchange services as part of its new regulations on digital assets. The central bank added the bank to the list of authorized cryptocurrency exchanges on October 12, 2026.
As per the, Sberbank can now prepare crypto products through its digital banking services, with the first products launching on December 1. The Russian central bank aims to formalize and regulate the cryptocurrency trading and exchange industry.
LATEST: 🏦 Sberbank, Russia’s largest bank, says it’s the first in the country approved by the Bank of Russia to custody Bitcoin and other cryptocurrencies. https://t.co/lsD12LtQ4R
— CoinMarketCap (@CoinMarketCap) October 7, 2026
Sberbank was previously registered as a digital depository, which entitles the entity to store electronic records of cryptocurrency ownership. The latest permission adds another hat to the bank as it can now provide exchange services under the new guidelines.
Russia maintains separate registers for cryptocurrency exchange operators and digital depositories. Cryptocurrency exchange operators provide exchange services for crypto assets, while digital depositories offer recordkeeping services for crypto asset owners.
Eight entities, including VTB and T-Invest Lab, are on the Russian central bank’s register of cryptocurrency exchange operators. T-Invest Lab is a fintech unit under the T-Technologies Group. Five other entities, including VTB and Atomyze, are on the digital depository register.
Source: interfax.com
The central bank opened its registration portal on October 5 for entities seeking authorization to provide exchange services. Some banks can adopt the simplified registration procedure, including the notification process, which can take only one business day.
The recent move comes after Russia’s new crypto law took effect on September 1, 2026. The law requires all cryptocurrency trading venues, depositaries, brokers, trustees, and custodians to apply for licenses and permissions from the central bank to offer their services to investors.
As a result, the central bank hopes to enable more traditional financial sector players to enter the cryptocurrency space. Such banks can provide exchange, wallet, custodian, and broker services using their existing digital infrastructure.
Sberbank intends to provide its products to consumers through their existing digital banking interfaces. As such, the December 1 launch of its crypto services will be significant for the bank as it will use its digital platforms to provide its customers with services that it is familiar with.
Other financial players, including the Moscow Exchange, are also set to enter the cryptocurrency space. Moscow Exchange announced plans to start trading crypto assets in December. However, the authorization does not mean Russians will be able to freely trade all crypto assets.
Customers will have to adhere to the stipulated requirements and guidelines for them to gain access to trade crypto assets. The new developments indicate Russia is emboldening established financial institutions to play a more significant role in facilitating cryptocurrency trading. The next step will be interesting as the banks that have received the permissions prepare their products and services and how their customers adopt them.
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