Sberbank, Russia’s largest bank, plans to build cryptocurrency trading infrastructure, including a digital custodian, no later than December 1, when the country introduces cryptocurrency trading, custody and settlement into its regulated financial system.
This digital depository, Interfax reportedwill record cryptocurrency ownership and process most transactions off the main blockchain. Sberbank will support vigorous wallets for customer-initiated deposits, withdrawals and transfers.
“One of the key elements of the new infrastructure will be a digital depository that will keep a register of customers’ rights to cryptocurrencies and settle transactions outside the main blockchain,” Alexander Vedyakhin, first vice president of the management board of Sberbank, told the state press service. “It will also facilitate transactions on active wallets to fulfill customer currency transfer requests.”
Earlier this month, Russian lawmakers moved the country closer to its first comprehensive cryptocurrency market framework after completing final readings on a draft law regulating digital asset activities.
The bill would provide the Bank of Russia with broad supervision over the regulated market, including the power to determine which crypto assets can be offered through licensed intermediaries and to issue implementing regulations. The central bank has set liquidity thresholds, including an average market capitalization of over 5 trillion rubles (~$64 billion) and average daily volume of over 1 trillion rubles (~$12.8 billion) over two years.
Once in force, it also establishes five categories of regulated market participants, including cryptocurrency exchanges, brokers, asset managers, custodians and exchange service providers, specifying who can buy, sell, hold and exchange crypto assets from the framework’s entry into force date of September 1, 2026.
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Moscow adopts crypto framework as EU tightens sanctions
Moscow intends to launch a functioning cryptographic infrastructure, while the European Union turns up the heat in the country with a package of sanctions against Russia in connection with the country’s war with Ukraine. Last week, the bloc named cryptocurrency exchange HTX, formerly Huobi Global, in its sanctions.
On Thursday decisionThe European Council amended its previous measures “in view of Russia’s actions destabilizing the situation in Ukraine”, including HTX on a list of 18 entities “providing cryptocurrency or payment services based outside the Union that significantly defeats the purpose of the prohibitions” against Russia. The country continues to face global sanctions over the war in Ukraine following the 2022 military invasion.
The sanctions imposed on HTX came on the same day that EU officials announced they would ban citizens and residents of Belarus from owning, controlling or managing cryptocurrency exchanges and digital asset service providers under the regional framework for markets in cryptographic assets (MiCA).
The UK government imposed similar sanctions on HTX in May, saying there were “reasonable grounds to suspect” that the exchange supported the Russian government by using financial services and funds provided by sanctioned entities.
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