Sberbank Aims to Launch Crypto Depository by December 1 Amid Tightening Regulations

Russia's largest bank Sberbank is planning to launch a digital depository for cryptocurrencies by December 1, as part of its efforts to build crypto trading infrastructure. This move comes ahead of new regulatory rules that take effect on September 1, which will require licensed intermediaries for every transaction starting from July 2027.

The bank's plan aligns with Russia's evolving digital asset rules, which have been tightening over the past few years. In 2024, a law was passed that legalized mining and created a cross-border settlement regime. Last year, the Bank of Russia widened investor access to crypto-linked products, allowing qualified investors to purchase these products through licensed channels.

Sberbank has previously piloted bitcoin bonds and bitcoin-backed lending with miner Intelion Data. The bank's early move signals its intent to lead among domestic financial institutions, and other Russian banks may follow suit in the coming months.