Sberbank Builds Crypto Trading Infrastructure in Regulated Russian Market

Russia's largest bank, Sberbank, is building cryptocurrency trading infrastructure that will include a digital depository. The depository will record ownership of cryptocurrencies and process most transactions outside of the main blockchain.

Sberbank plans to operate active wallets for client-initiated deposits, withdrawals, and transfers. This new infrastructure will be in place by December 1 at the latest, as Russia brings crypto trading, custody, and settlement into its regulated financial system.

The Bank of Russia will oversee this regulated market, including determining which cryptocurrencies can be offered through licensed intermediaries. The central bank has set liquidity thresholds for these exchanges, requiring an average market capitalization of more than 5 trillion rubles (~$64 billion) and an average daily volume of over 1 trillion rubles (~$12.8 billion) over two years.

Russia's lawmakers have completed the final readings on a bill regulating digital asset activity. This bill establishes five categories of regulated market participants, including crypto exchanges, brokers, asset managers, custodians, and exchange service providers.