Sberbank Prepares Cryptocurrency Services for 110 Million Customers

Sberbank, Russia's largest bank, is taking steps towards launching cryptocurrency trading and custody services for its massive customer base of 110 million. The bank has been working on preparing infrastructure and staff for months but cannot proceed without regulatory approval from the Central Bank of Russia.

The Central Bank proposed draft regulations in December to formalize how people invest in crypto, which Sberbank is waiting for before launching its services. If approved, Sberbank would become the first major Russian bank to offer full crypto trading and custody services, legitimized by traditional banks rather than offshore exchanges.