Russia’s largest bank, Sberbank (Russia’s Federal Savings Bank), plans to build, no later than Dec. 1, cryptocurrency trading infrastructure, including a digital custody platform, to record cryptocurrency ownership outside the main blockchain and handle most transactions. The bank will operate active wallets for customers to initiate deposits, withdrawals, and transfers. Russia’s crypto framework will take effect on Sept. 1, establishing five categories of regulated market participants.
Sberbank digital custody platform: to be set up by Dec. 1 at the latest
Citing reports from Sberbank’s official news outlet in Russia, in a statement by Vice Chairman Yevdyašin, the main functions of the digital custody platform are as follows: to maintain records of customers’ cryptocurrency ownership; to process most transactions outside the main blockchain; and to execute customers’ money transfer instructions through active wallets, supporting deposit, withdrawal, and transfer operations.
Yevdyašin said: “One of the key elements of the new infrastructure is the digital custody platform. It will maintain records of customers’ cryptocurrency rights and record transactions outside the main blockchain. It will also facilitate transactions on active wallets to meet customers’ money transfer instructions.”
Russia’s crypto framework: to take effect Sept. 1, with five types of market participants and the central bank’s liquidity thresholds
Under Russian legislation finalized earlier this month, the core provisions of the crypto framework are as follows:
Effective date: Sept. 1, 2026
Central bank regulatory authority: Russia’s central bank will have broad regulatory authority over regulated markets, including deciding which crypto assets can be provided through licensed intermediaries
Five categories of regulated market participants: cryptocurrency exchanges, brokers, asset management companies, custodians, and trading service providers
Liquidity thresholds: average market cap exceeding 5 trillion rubles (about $64 billion) over two years, and average daily trading volume exceeding 1 trillion rubles (about $12.8 billion)
EU sanctions HTX; UK sanctioned in May ahead of schedule
According to a decision by the EU Council on Thursday, HTX (formerly Huobi Global Station) has been added to a list of 18 entities providing crypto services that severely hinder the implementation of sanctions against Russia; the EU said these institutions “provide crypto asset services or payment services established outside the EU, severely hindering the implementation of the bans targeting Russia.”
The UK government imposed similar sanctions on HTX in May this year, saying it had “reasonable grounds to suspect” that HTX uses sanctioned entities to support the Russian government.
On the same day, the EU announced a ban on Belarusian nationals and residents from owning, controlling, or managing cryptocurrency exchanges and digital asset service providers in order to comply with the MiCA framework.
FAQ
When does Sberbank plan to set up crypto infrastructure?
According to Sberbank’s official news outlet, the bank plans to establish crypto trading infrastructure, including a digital custody platform, no later than Dec. 1, 2026.
What are the effective date and liquidity thresholds for Russia’s crypto framework?
Under the legislation, Russia’s crypto framework will take effect on Sept. 1, 2026; the liquidity thresholds set by Russia’s central bank are an average market cap over two years exceeding 5 trillion rubles (about $64 billion) and average daily trading volume exceeding 1 trillion rubles (about $12.8 billion).
Why did the EU sanction HTX?
According to a statement by the EU Council on Thursday, HTX was added to a list of 18 entities providing crypto services to bypass sanctions against Russia because its services “severely hindered the implementation of the bans targeting Russia.”
