Sberbank Sets December Deadline for Crypto Trading Platform

Russia's largest bank, Sberbank, is building cryptocurrency trading infrastructure and a digital depository by December 1. This move comes as new rules take effect on September 1.

The digital depository will record who owns each client's cryptocurrency and handle most transactions off the main blockchain, according to Interfax. Sberbank will also run active wallets that process client deposits, withdrawals, and transfers.

Alexander Vedyakhin, first deputy chairman of Sberbank's management board, said the depository will keep records of clients' crypto rights and carry out wallet transfers when clients request them.