Sberbank Unveils Plan for Cryptocurrency Trading Infrastructure in Russia

Russia's largest bank, Sberbank, is set to launch its cryptocurrency trading infrastructure by December 1. This move comes as the country brings crypto trading, custody, and settlement under its regulated financial system.

The digital depository will record ownership of cryptocurrencies and process most transactions outside of the main blockchain. It will also operate active wallets for client-initiated deposits, withdrawals, and transfers.

Alexander Vedyakhin, first deputy chairman of Sberbank's management board, emphasized that one key element of the new infrastructure is the digital depository. He stated it would maintain records of clients' cryptocurrency rights and account for transactions outside the main blockchain, as well as facilitate transactions on active wallets.

The move follows Russia's lawmakers completing final readings on a bill regulating digital asset activity. The bill would grant the Bank of Russia broad oversight of the regulated market, including authority to determine which crypto assets can be offered through licensed intermediaries and issue implementing regulations.