Sberbank Unveils Plan for Crypto Trading Infrastructure
Russia's largest bank, Sberbank, plans to launch cryptocurrency trading infrastructure by December 1. This includes a digital depository that will record ownership of cryptocurrencies and process transactions outside of the main blockchain.
The digital depository will maintain records of clients' cryptocurrency rights and account for transactions. It will also facilitate transactions on active wallets to fulfill clients' currency transfer orders, said Alexander Vedyakhin, first deputy chairman of Sberbank's management board.
Russia is moving to regulate its crypto market as the country faces sanctions globally over its war in Ukraine. The European Union has imposed sanctions on several cryptocurrency exchanges and service providers that support Russia, including $HTX (formerly Huobi Global).