Sberbank Sets Dec Deadline for Crypto Buildout Amid Russian Regulation Push

Russia's largest bank, Sberbank, is accelerating its plans to build out cryptocurrency infrastructure. According to Interfax, Sberbank will launch a digital depository by December to track clients' crypto rights and record off-blockchain transactions.

The digital depository will also handle wallet transfers to execute client orders. This development comes as the State Duma mulls over a new law 'On Digital Currencies and Digital Rights,' which sets up comprehensive Russian regulation of cryptocurrency.

First Deputy Chairman Alexander Vedyakhin noted that regulators and the market still need to draft numerous implementing regulations, including depository accounting, bookkeeping, and licensing for new types of intermediaries. He emphasized Sberbank's willingness to share its expertise and participate actively in this process.