Russias largest bank, Sberbank, plans to build cryptocurrency trading infrastructure and launch a digital depository by Dec. 1 as Russia moves to bring crypto trading, custody and settlement into its regulated financial system.
The depository, according to Interfax, will record clients ownership of cryptocurrency and process most transactions outside the underlying blockchain. Sberbank will operate active wallets for client-initiated deposits, withdrawals and transfers.
The plan follows the Federation Councils approval of a law regulating cryptocurrency trading through licensed brokers, exchanges, asset managers and depositories.
The framework is set to take effect Sept. 1, though rules requiring transactions to pass through licensed intermediaries will apply from July 2027.
Public exchange trading will be limited to cryptocurrencies that meet Bank of Russia liquidity thresholds, including an average market capitalization above 5 trillion rubles ($64 billion) and an average daily volume above 1 trillion rubles ($12.8 billion) over 2 years.
Qualified investors will be able to access a broader range of assets. Crypto payments for goods and services inside Russia remain prohibited.
Sberbank started offering qualified investors structured bonds tied to bitcoin last year, and completed a bitcoin-backed lending pilot with miner Intelion Data in December.