Sberbank Taps into Crypto with December Deadline
Sberbank, Russia's largest bank, is working on a digital depository to record client cryptocurrency ownership and process trades outside of the main blockchain. The project aims to be operational by December 1, 2026.
The plan follows the passage of a law in July that creates a framework for crypto trading, custody, and settlement in Russia. According to Alexander Vedyakhin, First Deputy Chairman of Sberbank, the digital depository will record client ownership and process transactions outside of the main blockchain, while active wallets handle transfers.
The Bank of Russia will oversee the system starting September 1, 2026, when five categories of regulated participants become active. These participants must meet liquidity thresholds for eligible assets, including an average market capitalization above 5 trillion rubles (approximately $64 billion) and a daily trading volume above 1 trillion rubles over a two-year period.