Sberbank to launch Russian crypto trading infrastructure by December
Russia’s largest lender is racing to build a digital depository and trading platform by December, positioning itself as the dominant gatekeeper as Moscow forces cryptocurrency into its regulated financial system.
Sberbank will build cryptocurrency trading infrastructure and a digital depository by Dec. 1. The move comes as Russia transitions digital assets from a legal gray area into a tightly controlled, state-regulated financial framework.
The planned depository will record client ownership of digital assets. Crucially, most transactions will be processed outside the underlying blockchain, with Sberbank managing active wallets for client deposits, withdrawals, and transfers. This off-chain approach allows the bank to maintain centralized oversight.
A newly approved law sets the legal foundation for crypto trading, custody, and settlement through licensed brokers, exchanges, and asset managers. The framework takes effect on Sept. 1, though the strict requirement forcing all transactions through licensed intermediaries does not apply until July 2027.
Access for retail investors will be heavily restricted. Public exchange trading will be limited to assets meeting steep Bank of Russia liquidity thresholds: an average market capitalization above 5 trillion rubles ($64 billion) and an average daily volume exceeding 1 trillion rubles ($12.8 billion) over two years.
Qualified investors will retain access to a wider range of assets. However, using cryptocurrency to pay for goods and services inside Russia remains strictly prohibited.
The central bank has gradually softened its historically hostile stance. A 2024 law legalized mining and established an experimental regime for crypto-based cross-border settlements.
This year, the regulator allowed qualified investors to buy crypto-linked financial products and proposed capping direct retail purchases at 300,000 rubles per intermediary annually. Sberbank has already tested the waters, issuing structured notes tied to bitcoin last year and completing a bitcoin-backed lending pilot with mining firm Intelion Data in December.
For market participants, Sberbank's early move signals a lucrative but heavily guarded market structure. By setting up the foundational infrastructure ahead of the 2027 intermediary mandate, the state-backed lender is securing a first-mover advantage that could lock out foreign competitors.
Institutional investors gain a compliant on-ramp for digital assets, a critical development as Russia leans on crypto to facilitate international trade. The off-chain depository model ensures that while Moscow adopts the technology, it retains absolute control over capital flows.
