Russia’s Sberbank to launch crypto trading infrastructure this year

Russia’s largest bank, Sberbank, is set to develop cryptocurrency trading infrastructure within the country by December 1, 2024, in alignment with Russia’s efforts to incorporate crypto trading, custody, and settlement into a regulated financial system. A key component will be a digital depository designed to record cryptocurrency ownership and handle most transactions off the main blockchain. Sberbank will also operate active wallets to enable client-driven deposits, withdrawals, and transfers, according to statements from Alexander Vedyakhin, first deputy chairman of Sberbank’s management board.

This development follows recent legislative progress, with Russian lawmakers finalizing a bill to regulate digital asset activities and establish a comprehensive crypto market framework. The legislation grants the Bank of Russia extensive oversight, including the authority to approve which crypto assets can be offered by licensed intermediaries and to issue detailed regulations. The framework sets stringent liquidity requirements, such as an average market capitalization exceeding 5 trillion rubles (around $64 billion) and a daily trading volume surpassing 1 trillion rubles (approximately $12.8 billion) over a two-year period.

The regulatory framework, effective September 1, 2026, identifies five categories of market participants—crypto exchanges, brokers, asset managers, custodians, and exchange service providers—thereby clarifying who may engage in buying, selling, holding, and exchanging crypto assets in Russia. This move is significant as Russia aims to establish a formalized crypto infrastructure amid escalating sanctions pressure from the European Union and other Western entities linked to Russia’s ongoing conflict with Ukraine. For instance, the EU recently added cryptocurrency exchange HTX (formerly Huobi Global) to its sanctions list, citing its role in circumventing restrictions against Russia, with similar measures taken by the UK government earlier this year.

Overall, Sberbank’s planned launch reflects a broader Russian strategy to institutionalize crypto services domestically while responding to external geopolitical and economic pressures. The initiative illustrates the convergence of regulatory clarity and infrastructure development as key steps in Russia’s approach to integrating digital assets into its regulated financial system.