Russia's Sberbank Targets Crypto Infrastructure Launch by Year-End
Sberbank, Russia's largest bank, is planning to launch a comprehensive crypto infrastructure by December 2025. The infrastructure will include a Bitcoin wallet, digital asset custody services, and a digital depository that will track clients' crypto rights and record off-chain transactions.
The move is part of Russia's efforts to build its own institutional crypto ecosystem, which is driven by the need to bypass sanctions imposed on the country after the invasion of Ukraine. The State Duma has passed legislation allowing for the use of cryptocurrencies for international payments, while domestic use remains banned.
Other major Russian banks are also preparing to offer crypto trading services once the new regulations come into force. Retail investors will be required to pass a knowledge test and subject to purchase caps, similar to those in Europe under MiCA.