Russian banks enter the cryptocurrency market!
The decision allows the banks to provide services related to the registration, transfer, and storage of digital currencies and digital rights.
The Central Bank of Russia has added Sber and VTB to the register of “digital custodians.” The move allows the banks to provide services related to the registration, transfer, and storage of digital currencies and digital rights. VTB has also been added to the register of entities authorized to trade digital currencies. The bank plans to provide broader access to cryptocurrency transactions for a wider range of investors by the end of the year. VTB has already conducted its first digital currency transactions for corporate clients.
Sber, meanwhile, plans to launch its first cryptocurrency products on December 1, 2026.
Russia’s new law on digital currencies and digital rights came into force on September 1. The law allows cryptocurrency transactions to be conducted through exchanges, brokers, portfolio managers, trading organizations, and digital custody institutions. In addition, export and import companies have been allowed to use cryptocurrencies for cross-border payments.