Sberbank Sets December Deadline for Crypto Buildout Amid Russian Regulation Push

Russia's largest bank, Sberbank, is making significant strides in building its crypto infrastructure. According to a report by Interfax, Sberbank plans to debut a Bitcoin and crypto wallet plus digital asset custody by December. A key component of this buildout will be a digital depository that tracks clients' crypto rights and records off-blockchain transactions.

This move comes as the State Duma mulls over a new law 'On Digital Currencies and Digital Rights', which sets up comprehensive Russian regulation of crypto. The proposed law covers retail purchases through licensed intermediaries, exchange trading, clearing, and digital depositories.

The bank's First Deputy Chairman Alexander Vedyakhin stated that regulators and the market still need to draft numerous implementing regulations covering depository accounting, bookkeeping, and licensing for new types of intermediaries. Sberbank is ready to share its expertise and participate actively in this process.