Russia's central bank has added Sberbank to its register of organizations authorized to exchange digital currencies. The bank will debut its crypto wallet in December, the same month the Moscow Exchange starts crypto trading.
Russia's central bank has added Sberbank to its register of organizations authorized to exchange digital currencies, according to reports. Sberbank now joins eight other organizations on the exchange register.
Those include 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.
Sberbank adds exchange and depository roles
Earlier this month, Sberbank was added to the list of digital depositories, which keep a record of cryptocurrencies and digital rights. Last month, it announced it was the first in the country 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. Sberbank will debut its crypto wallet in December.
New legal framework sets investor limits
A law on digital currencies and digital rights came into effect on September 1, creating a comprehensive legal framework for cryptocurrency circulation. Cryptocurrency can be bought and sold via crypto exchanges, while digital depositories record the rights to these assets.
Banks and other organizations have been able to apply to the central bank for licenses since October 5. Some existing players can obtain licenses on a notification basis within just one day.
Under the new rules, unqualified investors can 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.
The Moscow Exchange will debut crypto trading in December as well.
Source: Bitcoin Magazine
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