Sberbank Aims for Crypto Trading Infrastructure by Dec 1 Amid Russia's Regulatory Push

Sberbank, Russia's largest bank, plans to roll out cryptocurrency trading infrastructure by December 1. The digital depository will record customers' crypto ownership and handle transactions largely outside the public blockchain.

The digital depository will track rights in clients' cryptocurrency positions and process most transfers off-chain. Sberbank will also run active wallets for deposits, withdrawals, and client-initiated transfers.

This move is part of Russia's efforts to establish a regulated crypto market framework, which is set to take effect on September 1, 2026. The framework defines five categories of regulated market participants: crypto exchanges, brokers, asset managers, custodians, and exchange service providers.

The rollout arrives as the European Union expands sanctions targeting Russia amid its war on Ukraine. The EU listed cryptocurrency exchange HTX (formerly Huobi Global) among sanctioned entities last week.