Sberbank Builds Crypto Vault While EU Locks the Front Door 🔐

Sberbank, Russia's largest bank, will construct cryptocurrency trading infrastructure — including a digital depository — no later than Dec. 1, bringing crypto trading, custody and settlement into the country's regulated financial system. The digital depository, as reported by Interfax, will record ownership of cryptocurrency and process most transactions outside the main blockchain, while Sberbank operates active wallets to handle client 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, according to the state-affiliated press service. "It will also facilitate transactions on active wallets to fulfill clients' currency transfer orders."

Russian 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 grants the Bank of Russia broad oversight, 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 requiring 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. The framework establishes five categories of regulated market participants — crypto exchanges, brokers, asset managers, custodians and exchange service providers — and takes effect Sept. 1, 2026.

Moscow is advancing its crypto infrastructure in parallel with tightening European Union sanctions tied to Russia's war on Ukraine. Last week, the EU listed cryptocurrency exchange HTX, formerly Huobi Global, in its sanctions package. In a Thursday decision, the European Council amended its previous measures "in view of Russia's actions destabilizing the situation in Ukraine," adding HTX to 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. Russia continues to face global sanctions following its 2022 military invasion of Ukraine.

The HTX designation came the same day EU officials announced a prohibition on Belarusian nationals and residents owning, controlling or managing crypto exchanges and digital asset service providers operating in the bloc.