Russia’s Sberbank Given Green Light to Custody Bitcoin
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The Bank of Russia admitted Sberbank to the country’s first register of digital depositories, and Sberbank said it can handle digital currency record-keeping and transfers. The bank also said it plans initial Bitcoin, Ether and USDT products for Dec. 1, while the same register also included four cryptocurrency-exchange operators under rules that took effect Sept. 1.
Key claims & sources
What it means
Sberbank’s approval affects customers and market users in Russia because the bank is now listed in the country’s first register of digital depositories, and it has said it can handle digital currency record-keeping and transfers. That makes the bank a visible place where those services may be used today, rather than something outside the regulated list.
In practice, the change is that Sberbank is in the digital-depository register and the Bank of Russia has also admitted four cryptocurrency-exchange operators under the same rules. The register now exists as a regulated venue list that can include both depositories and exchange operators, while the rules themselves took effect on Sept. 1.
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Coverage timeline
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