Sberbank, Russia's largest bank, is working to launch an infrastructure focused on cryptocurrency trading by December 1. The initiative aims to bring crypto-asset operations closer to the country's regulated financial system.
The project includes services for custody, trading, and settlement of digital assets. A digital depository is also planned to register ownership of the cryptocurrencies held by clients.
According to the plan, a relevant part of the operations will be processed outside the blockchain. The bank is also expected to manage its own wallets for deposits, withdrawals, and transfers requested by users.
The initiative comes as Russia expands the rules for the cryptocurrency market. The Federation Council approved legislation establishing new conditions for trading through authorized institutions.
Expected participants include brokerages, stock exchanges, asset managers, and licensed depositories. The regulatory framework is expected to begin taking effect on September 1.
The requirement to use licensed intermediaries, however, will apply later. This requirement is scheduled to come into force only in July 2027.
The rules also establish criteria for cryptocurrencies publicly traded on Russian exchanges. The assets will need to meet liquidity requirements determined by the Bank of Russia.
Among the parameters are an average capitalization above 5 trillion rubles, about US$ 64 billion. The average daily volume must also exceed 1 trillion rubles, or US$ 12,8 billion, for two years.
Qualified investors will have access to a larger number of assets. Payments with cryptocurrencies for products and services, meanwhile, will remain prohibited within Russia.
Sberbank already has experience with bitcoin-linked products. Last year, it began offering structured notes linked to the cryptocurrency to qualified investors.
In December, the bank also concluded a pilot project for bitcoin-backed loans with the miner Intelion Data.
The expansion comes after regulatory changes that began in 2024. That year, Russia legalized cryptocurrency mining and created an experimental regime for international operations involving these assets.
In 2025, the Bank of Russia expanded qualified investors' access to financial products related to cryptocurrencies. Later, the monetary authority proposed limiting direct purchases for retail investors, with mandatory tests and an annual cap of 300 thousand rubles per intermediary.