Russian bank Sberbank builds crypto trading infrastructure by December

Russia’s largest bank, Sberbank, will build a complete infrastructure for cryptocurrency trading by 1 December. This involves a digital custody system that should enable regulated crypto trading, storage and settlement. The move fits within Russia’s new regulatory framework that takes effect on 1 September.

How the system works

Sberbank’s new system records clients’ ownership of crypto and processes most transactions off-chain. Sberbank itself manages the custody wallets for deposits, withdrawals and transfers. This effectively makes the bank a centralised intermediary between clients and the crypto market, which aligns with the requirements the Russian government imposes on licensed parties.

Those licence requirements for intermediaries will not come into force until July 2027, reports Interfax. So there is still some leeway for parties to prepare, but Sberbank clearly does not want to lag behind and is setting up the infrastructure this year already.

Russia and crypto: a new regulatory framework

Sberbank’s plans are no coincidence. Russia is introducing new rules for crypto trading, storage and settlement on 1 September. The country is trying to formalise the sector and bring it under supervision through this framework, rather than shutting it out entirely. That is a notable policy shift for a country that previously kept crypto largely outside the official financial world.

By stepping in as the first major bank, Sberbank is positioning itself as a central player in Russia’s emerging crypto sector. Whether other large Russian banks will quickly follow remains unclear, but the pressure to move along is increasing now that the regulatory framework is taking concrete shape.