Russia's Sberbank Unveils Crypto Trading Infrastructure Plans

Russia's Sberbank plans to launch a cryptocurrency trading infrastructure by December 1. The system will include a digital depository that records ownership of cryptocurrencies and processes transactions outside the main blockchain.

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

Russia's lawmakers have recently passed a bill that would regulate digital asset activity. The bill gives the Bank of Russia broad oversight of the regulated market, including authority to determine which cryptocurrencies may be offered through licensed intermediaries.

The central bank has set liquidity thresholds for the regulated market, requiring an average market capitalization of over 5 trillion rubles (~$64 billion) and an average daily volume of over 1 trillion rubles (~$12.8 billion) over two years.