Russia’s largest bank, Sberbank, plans to offer its first crypto products on December 1 through an app where it is testing Bitcoin and Ethereum trading, as it joins the registry of crypto trading providers.
According to a report by CoinDesk citing Interfax, the Central Bank of Russia added Sberbank to its list of organizations authorized to offer crypto trading services. Earlier this month, the bank also registered with the registry of digital custody providers.
As a result, Sberbank has completed two separate registration processes to offer trading and custody-related services in the regulated market. The trading registry includes nine organizations, including VTB and T-Invest Lab.
Bitcoin, Ethereum, and USDT are being tested in the app
Sberbank is aiming to offer its first products on December 1, 2026, through interfaces its customers already use. According to information the bank provided to Vedomosti, the app is testing trading in Bitcoin (BTC), Ethereum (ETH), USDT, and other major tokens.
The Central Bank of Russia will determine the final list of crypto assets that may be traded. The date announced by the bank covers the targeted launch of the first products; whether the assets being tested make the final list depends on the regulator’s decision.
Russia shifts from proposing a ban to a regulated market
In 2022, the Central Bank proposed banning domestic crypto exchanges and keeping financial intermediaries out of crypto transactions. The law that took effect on September 1 established a regulated market involving banks, brokerages, exchanges, and digital custody providers.
Under the new framework, registered crypto trading providers can buy and sell crypto using their own funds outside organized exchanges. Custody providers, meanwhile, keep records of ownership and transfers of customers’ assets.
Changes are also coming to peer-to-peer transactions
The ban on domestic payments with crypto remains in effect in Russia. Under the framework announced by the Central Bank, crypto transactions will have to be conducted through registered intermediaries starting in July 2027.
This requirement could effectively shut down peer-to-peer (P2P) crypto transactions whose payments are made through Russian bank accounts.
Not investment advice.