Russia’s largest bank, Sberbank, will begin offering crypto trading from December 1, supporting Bitcoin, Ethereum, and Tether. The Central Bank of Russia has approved the bank to operate a digital asset exchange, bringing the total number of licensed firms to nine. Institutional investors will have unlimited access to crypto markets, while retail investors face an annual cap of 300,000 roubles, approximately 3,500 dollars. This regulatory development follows the “Digital Currencies and Digital Rights” federal law that took effect on September 1, establishing licensing requirements for sector participants. Russia currently ranks 16th globally for crypto adoption according to Chainalysis.
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