Bank of Russia registers Sberbank as crypto custodian; products planned for December 1
What happened
The Bank of Russia published registers of authorized crypto operators and digital custodians under new regulations that took effect on September 1. Sberbank, Russia's largest bank, was added to the list of custodians. Sberbank stated it plans to launch crypto products on December 1, initially supporting Bitcoin, Ether, and USDt.
From cointelegraph.com
Why it matters
The new regulatory framework places the crypto market under the Bank of Russia’s oversight while maintaining the ban on using crypto for goods and services. Sberbank's registration as a custodian legitimizes the trading of digital assets through a major financial institution. This move is part of the Russian financial sector's debut of regulated crypto services.
The Russian financial sector is debuting regulated crypto services, with timelines set for market commencement and testing for qualified investors.
From cointelegraph.com
Who's involved
- Bank of RussiaOversees the crypto market under new regulations.
- SberbankRegistered as a digital custodian and plans to launch crypto products.
- BitcoinOne of the digital assets Sberbank plans to support.
- EthereumAnother digital asset Sberbank plans to support.
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- SberbankSpeculative
Sberbank could gain new revenue streams by launching regulated crypto products.
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The entities involved
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Bank of Russia
Russian joint stock bank
Nothing else this week.
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Sberbank
Russian banking and financial services company
Related events
- Sberbank facilitates payments for Russian trade using Rupee-Rouble infrastructure, handling 96% of bilateral trade.
- The Bank of Russia is managing the stability of the banking system, while Alexander Vedyakhin takes on a senior role at Sberbank.
- Belgorod is subject to regular military exchanges, while Ozon facilitates loan restructuring for traders of goods.
- VTB and Sberbank's Indian entities have been integrated into national payment systems and continue operations facilitating trade, all while facing EU sanctions.