Sberbank to Launch Crypto Trading Infrastructure by December
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- Sberbank plans to build crypto trading infrastructure and a digital depository by Dec. 1, with the depository recording client ownership and processing most transactions outside the underlying blockchain.
- Russia's new crypto framework takes effect Sept. 1, though rules requiring transactions to pass through licensed intermediaries apply from July 2027, giving banks a runway before full compliance kicks in.
- Public exchange trading will be limited to cryptocurrencies meeting Bank of Russia thresholds: average market cap above 5 trillion rubles ($64B) and average daily volume above 1 trillion rubles ($12.8B) over 2 years.
- Qualified investors can access a broader asset range, while crypto payments for goods and services inside Russia remain prohibited under the framework.
- Sberbank already began selling structured bonds tied to bitcoin to qualified investors last year and completed a bitcoin-backed lending pilot with miner Intelion Data in December.
- Russia legalized mining in 2024 and created an experimental regime for crypto-based cross-border settlements, with the Bank of Russia later proposing retail direct purchases capped at 300,000 rubles per intermediary.
Why it matters: Sberbank's Dec. 1 infrastructure launch puts it three months ahead of the Sept. 1 regulatory effective date and years ahead of the July 2027 licensed-intermediary requirement — meaning the bank that builds compliant rails now will control Russia's regulated crypto channel before competitors can enter. The strict liquidity thresholds (5T-ruble market cap, 1T-ruble daily volume) deliberately wall off retail access to all but the largest tokens.
