Sberbank Awaits Approval for Crypto Trading Services in Russia

Russia's largest bank, Sberbank, is taking steps to enter the digital asset industry by seeking approval for crypto trading and custody services. This move comes as the country's central bank works on a new framework that could formally allow regulated crypto investments in Russia.

The proposed regulations aim to introduce stricter Know Your Customer (KYC) rules and monitoring of crypto holdings, which would bring more transparency to Russia's crypto market and reduce untracked capital outflows. According to reports, citizens may not be allowed to withdraw crypto from wallets operated by domestic platforms unless they complete full identity verification through KYC checks.

The new framework is expected to place clear limits on how cryptocurrencies can be used, recognizing them as financial assets that can be bought and sold. However, access for retail investors will be controlled, with non-qualified investors only allowed to invest in major crypto after passing a basic test, and their annual investment capped at around 300,000 rubles (approximately $3,934).