Sberbank to build crypto infrastructure by December as Russia drafts new rules

Sberbank, Russia’s largest bank, plans to build crypto infrastructure by December, including a digital depository, a Bitcoin and crypto wallet, and digital asset custody services, as Russia advances a broader framework for regulated digital-asset trading. The Bank of Russia has published draft regulations ahead of the Sept. 1 rollout of the country’s new digital currency law, setting operating rules for cryptocurrency exchanges, digital depositories and digital currency accounts. The proposal would create digital depositories as a new regulated category of financial institution responsible for recording cryptocurrencies and other digital assets, with minimum capital requirements ranging from 50 million rubles to 250 million rubles depending on whether they work with open distributed ledger systems or provide post-trade settlement services. Exchanges would be allowed to set their own trading procedures and calculate market and weighted-average prices for digital assets listed on their platforms, while the central bank would maintain official registers for crypto exchange operators, digital depositories and other licensed market participants. The State Duma passed the underlying digital currency bill earlier in July, and it is awaiting approval from the Federation Council before being signed into law by President Vladimir Putin. The main legal framework is scheduled to take effect on Sept. 1, with some technical provisions of the central bank’s regulations only becoming effective in the second half of 2027. The law classifies cryptocurrencies as property, keeps the ban on domestic crypto payments in place, and allows approved digital assets to be used in certain cross-border transactions. Non-qualified investors would remain limited to the most liquid assets such as Bitcoin, Ethereum and Tether’s USDT, with annual purchases capped at about $4,000 through regulated intermediaries.