Sberbank cleared by Russia's central bank under new crypto law
Business
Sberbank just got the official nod from Russia's central bank to start trading cryptocurrencies, a major shift, considering the same regulators wanted to ban crypto exchanges back in 2022.
This move comes thanks to a new law aiming to make crypto markets more regulated and legit, with big banks like Sberbank now in the mix.
Russia mandates registered intermediaries next July
Starting December 1, Sberbank will offer trading and safekeeping (custody) services for popular tokens like Bitcoin, Ethereum, and Tether (only those approved by the central bank).
But heads up: from next July, all crypto transactions in Russia will have to go through registered intermediaries, so direct peer-to-peer trades using Russian banks are getting phased out.