Sberbank to Establish Crypto Trading and Custody Infrastructure by Year-End
Russia's largest bank, Sberbank, is set to develop a cryptocurrency trading infrastructure and a digital custody system by December 1. This initiative follows the Federation Council's approval of a bill that regulates cryptocurrency trading through licensed brokers, exchanges, asset managers, and custodians. The new law, effective September 1, mandates that cryptocurrencies listed on public exchanges must meet specific liquidity requirements, including a two-year average market capitalization of 5 trillion rubles and an average daily trading volume of 1 trillion rubles. Sberbank's digital custodian will record clients' ownership of digital assets and process most transactions off the blockchain. The bank also plans to manage active wallets for client deposits, withdrawals, and transfers. Despite these advancements, the use of cryptocurrencies for payments within Russia remains prohibited. 
