Sberbank, Russia’s largest bank, plans to complete the construction of cryptocurrency trading infrastructure and launch a digital custody system before December 1 to support regulated crypto asset trading, custody and settlement. The digital custody system will record clients’ ownership of crypto assets and process most off-chain transactions, while Sberbank will administer custodial wallets for user deposits, withdrawals and transfers.

The initiative follows Russia’s newly adopted cryptocurrency regulatory law, whose overall framework will take effect on September 1. The provision mandating transactions through licensed intermediaries is scheduled to be enforced in July 2027. Under regulatory rules, public trading is limited to crypto assets meeting the liquidity criteria set by the Central Bank of Russia; qualified investors have access to a broader range of assets. However, the use of cryptocurrencies for payments of goods and services remains prohibited within Russia.