Sberbank Plans Crypto Custody System, Trading by Dec. 1

Russia's largest bank Sberbank plans to build a digital depository for crypto custody and trading, aiming for a Dec. 1 launch. The system will support regulated trading and custody, Interfax reported. Most transactions will process off the underlying blockchain.

Sberbank will operate active wallets that handle client deposits and withdrawals. The plan follows new legislation approved by Russia's Federation Council. The rules take effect Sept. 1 and require licensed intermediaries for crypto transactions. Asset managers and depositories also fall under the new structure. A stricter enforcement deadline arrives in July 2027.

Bank of Russia set thresholds for qualifying digital assets. Assets must have a market capitalization above 5 trillion rubles, near $64 billion. Average daily trading volume must exceed 1 trillion rubles over two years. Qualified investors will get access to a broader set of assets. Retail crypto payments for goods and services remain banned.