Russia’s largest bank is preparing to bring cryptocurrency trading to millions of customers after receiving regulatory approval; another major step in the country’s evolving approach to digital assets.
Sberbank, Russia’s largest lender, has received approval from the Bank of Russia to exchange cryptocurrencies. The decision follows the bank’s earlier addition to the central bank’s register of digital depositories, allowing it to participate in both cryptocurrency trading and the recording of digital asset ownership.
According to Interfax, the approval places Sberbank among the organizations authorized to provide cryptocurrency exchange services in Russia.
The bank plans to introduce Bitcoin (BTC), Ethereum (ETH), and Tether’s USDT through its existing platforms, including SberBank Online, SberInvestments, and SberBusiness.
Sberbank has identified December 1, 2026 as its planned launch date, although the rollout remains dependent on the completion of secondary regulations and other regulatory requirements. The bank has also been testing cryptocurrency transactions through its applications.
New Regulations Create Opportunities for Institutional Crypto Adoption
Sberbank’s entry into the cryptocurrency market reflects a significant change in Russia’s regulatory approach. In January 2022, the Bank of Russia proposed banning cryptocurrency use, mining, and exchanges, citing concerns about financial stability.
The country is now moving toward a regulated framework that allows approved financial institutions to participate in the digital asset market.
Under the new rules, banks, brokers, exchanges, and digital depositories can operate within a supervised system. Exchange operators can buy and sell digital currencies for their own accounts, while digital depositories maintain records of ownership and transfers.
However, cryptocurrency adoption will remain subject to restrictions. Non-qualified investors will be allowed to purchase up to 300,000 rubles, approximately $3,800, annually per intermediary and must pass a knowledge test. The initial list of permitted assets includes Bitcoin, Ethereum, and USDT.
Despite these developments, cryptocurrency payments for goods and services remain prohibited in Russia. Customers may be able to buy and hold digital assets through approved platforms, but they cannot use them for ordinary domestic purchases.
Registered firms must also bring their operations into full compliance with the new law by September 1, 2027.
Sberbank Targets Billions in Trading Volume as Adoption Grows
Sberbank’s extensive customer base could help accelerate cryptocurrency adoption across Russia. At the end of the second quarter, the bank reported 110.6 million retail clients and 3.5 million corporate clients.
Integrating digital asset services into its existing applications could make regulated crypto trading more accessible to a large number of users.
The bank is also exploring the use of Bitcoin, Ethereum, and USDT as collateral for loans, subject to approval from the central bank.
Deputy Chairman Anatoly Popov has forecast that cryptocurrency trading volumes in Russia could reach 4 trillion rubles, approximately $46 billion, during the first year of the new regime and rise to 7.5 trillion rubles, nearly $89.7 billion, by 2029.
Sberbank’s approval highlights Russia’s growing willingness to bring cryptocurrency activity into the regulated financial system.
However, the success of its planned launch will depend on the final regulatory requirements, investor participation, and the development of services that balance accessibility with financial oversight.
