Sberbank Races to Launch Crypto Custody System Amid Tightening Russian Regulations

Russia's largest bank Sberbank is planning to build a crypto custody system by December 1, according to recent reports. This move comes as part of Russia's evolving digital asset rules, which take effect on September 1.

The new framework requires licensed intermediaries for every transaction and limits public trading access to select cryptocurrencies with a market capitalization above $64 billion.

Sberbank has already piloted bitcoin bonds and bitcoin-backed lending with miner Intelion Data, giving the bank operational insight into digital assets.