Sberbank Races Against Time to Launch Crypto Exchange Amid Russia's New Digital Currency Law

Russia's largest bank, Sberbank, is racing to launch its own crypto exchange and digital depository by December. The move comes as the country's new digital currency law moves through its final stages of approval.

The law, which has cleared both houses of parliament, will give banks the steering wheel in Russia's cryptocurrency market. It allows qualified and non-qualified investors to buy and sell cryptocurrencies through intermediaries, but non-qualified investors must pass a test and stay within a limit of 300,000 rubles ($3,700-$3,800) per year.

The framework is narrower than some headlines suggest, with domestic crypto payments still banned. However, exporters and importers will be permitted to use cryptocurrencies in cross-border payments without limits.

Sberbank's planned depository will record clients' crypto ownership and process most transactions outside the underlying blockchain, while Sberbank operates active wallets for client deposits, withdrawals, and transfers.