Sberbank Launches Regulated Crypto Depository on December 1st

Russia's largest bank, Sberbank, is set to launch its regulated crypto depository by December 1st. The new infrastructure will support cryptocurrency trading and custody services for qualified investors.

The depository will maintain records of clients' cryptocurrency ownership and process most transactions through Sberbank's internal accounting system rather than recording every transfer directly on a public blockchain.

This structure resembles traditional securities custody, where ownership changes are recorded within a regulated intermediary's systems while the custodian manages the underlying assets. It could make cryptocurrency services easier to supervise but clients will rely on Sberbank's records and controls rather than holding assets directly in self-custody.