Sberbank Unveils Plans for Regulated Cryptocurrency Trading Platform

Sberbank, Russia's largest bank, plans to launch infrastructure for digital asset operations and a digital depository by December 1. This move is part of the country's efforts to regulate cryptocurrency trading and create a more formal environment for investors.

The new platform will allow clients to store their rights to digital assets in a regulated financial system, which will include accounting, storage, risk control, and clear access rules. Sberbank's digital depository will reflect clients' ownership rights to cryptocurrency, with most operations taking place outside the main blockchain network.

Public exchange trading will be limited to cryptocurrencies that meet the Bank of Russia's criteria for liquidity and capitalization, which includes an average market capitalization of above 5 trillion rubles ($64 billion) and an average daily turnover of more than 1 trillion rubles ($12.8 billion). Other popular digital assets may also be considered by the market through the lens of these requirements.

Russia's approach to cryptocurrencies emphasizes licensed intermediaries, asset admission criteria based on liquidity and capitalization, and a ban on domestic cryptocurrency payments. This marks a significant shift for banks, which are increasingly integrating digital assets into their infrastructure.