Sberbank, Russia\u2019s biggest bank, plans to build cryptocurrency trading infrastructure including a digital depository no later than Dec. 1 as the country brings crypto trading, custody and settlement into its regulated financial system.<\/p>\n
That digital depository, Interfax reported<\/a>, will record ownership of cryptocurrency and process most transactions outside of the main blockchain. Sberbank will operate active wallets for client-initiated deposits, withdrawals and transfers.<\/p>\n \u201cOne of the key elements of the new infrastructure will be a digital depository, which will maintain records of clients\u2019 cryptocurrency rights and account for transactions outside the main blockchain,\u201d said Alexander Vedyakhin, first deputy chairman of Sberbank\u2019s management board, the state-affiliated press service said. \u201cIt will also facilitate transactions on active wallets to fulfill clients\u2019 currency transfer orders.\u201d<\/p>\n Russia\u2019s lawmakers earlier this month moved the country closer to its first comprehensive crypto market framework<\/a> after completing final readings on a bill that would regulate digital asset activity.<\/p>\n The bill would give the Bank of Russia broad oversight<\/a> of the regulated market, 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, including 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.<\/p>\n Once in place, it also establishes five categories of regulated market participants, including crypto exchanges, brokers, asset managers, custodians and exchange service providers, defining who can buy, sell, hold and exchange crypto assets as of the framework\u2019s effective date of Sept. 1, 2026.<\/p>\n Recommended: <\/strong><\/em>Bitcoin advocacy group to join US State Department\u2019s \u2018digital freedom\u2019 program<\/strong><\/em><\/a><\/p>\n Moscow is moving to put a working crypto infrastructure in place as the European Union turns up the heat on the country with a package of sanctions targeting Russia amid the country\u2019s war on Ukraine. Last week, the bloc listed cryptocurrency exchange HTX, formerly Huobi Global, in its sanctions.<\/p>\n In a Thursday decision<\/a>, the European Council amended its previous measures \u201cin view of Russia\u2019s actions destabilizing the situation in Ukraine\u201d to include HTX in a list of 18 entities \u201cproviding crypto-assets services or payment services established outside of the Union that are significantly frustrating the purpose of the prohibitions\u201d against Russia. The country continues to face sanctions globally over its war in Ukraine following a military invasion in 2022.\u00a0<\/p>\n The sanctions against HTX came the same day EU officials announced they would prohibit Belarusian nationals<\/a> and residents from owning, controlling or managing crypto exchanges and digital asset service providers in compliance with the region\u2019s Markets in Crypto Assets (MiCA) framework.\u00a0<\/p>\n The UK government imposed similar sanctions on HTX<\/a> in May, saying there were \u201creasonable grounds to suspect\u201d that the exchange supported Russia\u2019s government by using financial services and funds facilitated by sanctioned entities.<\/p>\n Magazine:<\/strong><\/em> Will the US get CLARITY this week? Bitcoin\u2019s new $80K target: Hodler\u2019s Digest, July 19<\/strong><\/em><\/a><\/p>\nMoscow adopts crypto framework as EU tightens sanctions<\/h2>\n