Russia’s Biggest Bank Plans Crypto Trading Infrastructure By Year End

Sberbank, Russia’s biggest bank, plans to build cryptocurrency trading infrastructure including a digital depository no later than Dec. 1 as the country brings crypto trading, custody and settlement into its regulated financial system.

That digital depository, Interfax reported, will record ownership of cryptocurrency and process most transactions outside of the main blockchain. Sberbank will operate active wallets for client-initiated deposits, withdrawals and transfers.

“One of the key elements of the new infrastructure will be a digital depository, which will maintain records of clients’ cryptocurrency rights and account for transactions outside the main blockchain,” said Alexander Vedyakhin, first deputy chairman of Sberbank’s management board, the state-affiliated press service said. “It will also facilitate transactions on active wallets to fulfill clients’ currency transfer orders.”

Russia’s lawmakers earlier this month moved the country closer to its first comprehensive crypto market framework after completing final readings on a bill that would regulate digital asset activity.

The bill would give the Bank of Russia broad oversight of the regulated market, including authority to determine which crypto assets may be offered through licensed intermediaries and to issue implementing regulations.The central bank has set liquidity thresholds, including an average market capitalization of more than 5 trillion rubles (~$64 billion) and an average daily volume of more than 1 trillion rubles (~$12.8 billion) over two years.

Once in place, it also establishes five categories of regulated market participants, including crypto exchanges, brokers, asset managers, custodians and exchange service providers, defining who can buy, sell, hold and exchange crypto assets as of the framework’s effective date of Sept. 1, 2026.

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Moscow adopts crypto framework as EU tightens sanctions

Moscow is moving to put a working crypto infrastructure in place as the European Union turns up the heat on the country with a package of sanctions targeting Russia amid the country’s war on Ukraine. Last week, the bloc listed cryptocurrency exchange HTX, formerly Huobi Global, in its sanctions.

In a Thursday decision, the European Council amended its previous measures “in view of Russia’s actions destabilizing the situation in Ukraine” to include HTX in a list of 18 entities “providing crypto-assets services or payment services established outside of the Union that are significantly frustrating the purpose of the prohibitions” against Russia. The country continues to face sanctions globally over its war in Ukraine following a military invasion in 2022. 

The sanctions against HTX came the same day EU officials announced they would prohibit Belarusian nationals and residents from owning, controlling or managing crypto exchanges and digital asset service providers in compliance with the region’s Markets in Crypto Assets (MiCA) framework. 

The UK government imposed similar sanctions on HTX in May, saying there were “reasonable grounds to suspect” that the exchange supported Russia’s government by using financial services and funds facilitated by sanctioned entities.

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