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50 Neutral

Sberbank approved for crypto trading as Russia opens access

Original title: Russia's Largest Bank Gets Approval to Trade Crypto, a Win for Adoption but Not Self-Custody

The Wolf of All Streets 2:35 449 views on YouTube BTC −5.9% ETH −7.9% USDT +0.0%

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Summary

Sberbank, described as Russia's largest bank, has received approval to trade crypto. Russia's central bank added Sberbank to a register of organizations authorized to exchange digital currencies for themselves and on behalf of customers. Sberbank plans to open crypto trading to all clients on December 1st. The customer launch has not happened yet. Sberbank is already testing BTC, ETH and USDT trades in its app. Nine organizations can carry out this activity, including Sberbank, VTB and T-Invest Labs. The source argues access and freedom are separate. A regulated banking channel can expand participation while increasing oversight and restrictions on how assets move. It says buying exposure to Bitcoin and ETH does not mean self-custody or that the assets can be transferred out.

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Key points

  1. Russia's central bank added Sberbank to a register of organizations authorized to exchange digital currencies for themselves and on behalf of customers.
  2. Sberbank plans to open crypto trading to all clients on December 1st.
  3. Sberbank is already testing BTC, ETH and USDT trades in its app.
  4. Nine organizations can carry out this activity, including Sberbank, VTB and T-Invest Labs.
  5. The source says buying exposure to Bitcoin and ETH does not mean self-custody or that the assets can be transferred out.

Questions

When does Sberbank plan to open crypto trading to all clients?
December 1st.
Which cryptocurrencies is Sberbank testing in its app?
BTC, ETH and USDT.
Does buying exposure to Bitcoin and ETH mean self-custody?
The source says it does not mean self-custody or that the assets can be transferred out.

Related briefs

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