Central Bank of Russia adds Sberbank to crypto exchange register

MOSCOW. Oct 12 (Interfax) - The Central Bank of Russia has added Sberbank to the register of organizations authorized to exchange digital currencies, the regulator said in a statement on its website.

Earlier in October, Sberbank was added to the list of digital depositories which will keep a record of cryptocurrencies and digital rights. "This status will allow the bank to provide services related to organizing the circulation of digital currency on interfaces which clients already use," the bank said. The bank plans to launch its first products on December 1.

Apart from Sberbank, there are eight organizations currently on the register, including VTB and T-Invest Lab, part of T-Technologies alongside T-Bank.

The digital depository register consists of five players, including VTB and Atomyze, part of T-Technologies.

A law on digital currencies and digital rights came into effect in Russia on September 1, creating a comprehensive legal framework for cryptocurrency circulation. Transactions involving cryptocurrencies can be conducted via the existing infrastructure of exchanges, brokers and trustees, and henceforth also via crypto exchanges and digital depositories. Cryptocurrency can be purchased and sold via crypto exchanges and the rights to these assets can be recorded in digital depositories.

Banks and other organizations have been able to apply to the CBR to receive the corresponding licenses as of October 5. Some existing players have the option of simplified access to the cryptocurrency market, allowing them to obtain licenses on a notification basis within just one day.