Russia’s Central Bank Authorizes Sberbank to Exchange Cryptocurrencies

Bitcoin Magazine

Russia’s Central Bank Authorizes Sberbank to Exchange Cryptocurrencies

Russia’s central bank has added Sberbank to its register of organizations authorized to exchange digital currencies, according to reports. 

Sberbank was added to the list of digital depositories, which will keep a record of cryptocurrencies and digital rights, earlier this month. 

Now, it joins eight other organizations on the exchange register, including state-controlled VTB, Russia’s second-largest bank, and T-Invest Lab, part of T-Technologies, which also owns online lender T-Bank, according to a Monday report from Interfax. 

The announcement comes as Russia fast moves forward with Bitcoin-related regulation. Sberbank last month announced that it was the first in the country to have been approved to custody bitcoin. 

The Bank of Russia gave it the green light for “digital currency record-keeping” and to facilitate the transfer of such assets, covering bitcoin and other, smaller cryptocurrencies. 

“This status will allow the bank to provide services related to organizing the circulation of digital currency on interfaces which clients already use,” Sberbank was quoted saying in the news report. 

A law on digital currencies and digital rights came into effect in Russia on September 1, creating a comprehensive legal framework for cryptocurrency circulation. Transactions involving cryptocurrencies can be conducted via the existing infrastructure of exchanges, brokers and trustees, and now also via crypto exchanges and digital depositories. 

Cryptocurrency can be bought and sold via crypto exchanges, while the rights to these assets are recorded in digital depositories.

Banks and other organizations have been able to apply to the CBR for the corresponding licenses since October 5. Some existing players have simplified access to the market and can obtain licenses on a notification basis within just one day.

Under the new rules, unqualified investors will be able to buy bitcoin and other cryptocurrencies including stablecoins, within a limit of 300,000 rubles ($3,556) per year through one intermediary. 

Qualified investors will have access to all cryptocurrencies traded on the exchange and over-the-counter markets.

Sberbank will debut its crypto wallet in December — the same month the Moscow Exchange will debut crypto trading.

This post Russia’s Central Bank Authorizes Sberbank to Exchange Cryptocurrencies first appeared on Bitcoin Magazine and is written by Mathew Di Salvo.