Russia's Sberbank to Launch Crypto Trading Infrastructure Amid Global Sanctions

Russia's largest bank, Sberbank, plans to establish cryptocurrency trading infrastructure by December 1st. This includes a digital depository that will record ownership of cryptocurrencies and process transactions off the main blockchain.

The digital depository will maintain records of clients' cryptocurrency rights and account for transactions outside the main blockchain, said Alexander Vedyakhin, first deputy chairman of Sberbank's management board.

This infrastructure will also facilitate transactions on active wallets to fulfill clients' currency transfer orders. Russia's lawmakers have recently finalized a bill that regulates digital asset activity, giving the Bank of Russia broad oversight over the market.