Sberbank, Russia’s largest bank, plans to launch cryptocurrency trading infrastructure by Dec. 1, including a “digital depository” intended to record customers’ crypto ownership rights and process transactions largely outside public blockchains, according to reports citing Interfax.

Interfax reported that the planned depository will track rights attached to clients’ cryptocurrency positions and handle most transfers off-chain. Sberbank is also expected to operate active wallets that support deposits, withdrawals, and client-initiated transfers through the bank’s own infrastructure.

Digital depository to support custody and off-chain settlement

According to Interfax, the digital depository is expected to be the central element of Sberbank’s planned crypto infrastructure. Its role will be to maintain records of customers’ cryptocurrency rights and account for transactions outside the main blockchain network.

Alexander Vedyakhin, Sberbank’s first deputy chairman of the management board, was quoted by the state-affiliated press service as saying the depository would also support transfers requested through “active wallets.” Under that structure, customer activity such as depositing, withdrawing, and transferring crypto through the bank would be handled by a banking-operated system rather than relying entirely on direct on-chain settlement.

If implemented as described, the model would allow Sberbank to place ownership accounting and much of the transaction processing inside its own infrastructure. The system would resemble regulated custody and payment workflows more closely than the mechanics used by many public blockchain-based exchanges, where user transfers are commonly settled directly on-chain.

That distinction is important for users and regulators because off-chain accounting shifts day-to-day transaction records from public blockchain ledgers to an intermediary’s internal systems. In such a structure, the accuracy of customer balances, the processing of transfers, and the reconciliation of deposits and withdrawals depend on the bank-operated depository and wallet infrastructure.

Sberbank’s planned Dec. 1 rollout would therefore add a custody and settlement layer designed to operate in a regulated-style environment. The digital depository would record ownership rights, while active wallets would provide the interface for clients seeking to move funds into, out of, or within the bank’s crypto service.

Russia’s crypto market framework moves toward 2026

The announcement comes as Russia continues to advance its first comprehensive framework for the domestic crypto market. Earlier in the month, lawmakers completed final readings on a bill intended to bring crypto trading, custody, and settlement into a regulated financial system.

Earlier coverage from Cointelegraph reported that the legislation would give the Bank of Russia broad oversight over the regulated crypto market. That authority would include deciding which crypto assets may be offered through licensed intermediaries and issuing the implementing regulations needed for the market to operate.

Cointelegraph also reported that the central bank has set liquidity thresholds for assets participating in the regulated market. Those thresholds include an average market capitalization of more than 5 trillion rubles, or about $64 billion, and an average daily trading volume of more than 1 trillion rubles, or about $12.8 billion, measured over a two-year period.

Once the framework takes effect, it is expected to establish five categories of regulated market participants: crypto exchanges, brokers, asset managers, custodians, and exchange service providers. The rules are designed to define what those participants may do, including buying, selling, holding, and exchanging crypto assets, from the effective date of Sept. 1, 2026.

The Bank of Russia’s licensing process and asset eligibility rules will be central to how the framework is implemented. Those details will determine which firms can operate as regulated intermediaries and which crypto assets can be offered through them. The high liquidity thresholds also indicate that the regulated market may initially focus on the largest and most actively traded crypto assets, depending on how the central bank applies the criteria.

Sanctions pressure remains part of the operating environment

Russia’s domestic crypto infrastructure plans are developing while external compliance pressure continues to increase. The European Union has expanded sanctions targeting Russia amid its war on Ukraine, including measures affecting crypto-asset service providers linked to Russia-related activity.

Last week, the EU listed cryptocurrency exchange HTX, formerly Huobi Global, among sanctioned entities. In a Thursday decision, the European Council amended earlier 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.

Separately, Cointelegraph previously reported that EU officials said they would prohibit Belarusian nationals and residents from owning, controlling, or managing crypto exchanges and digital asset service providers. That approach was described as aligned with the EU’s Markets in Crypto Assets framework, known as MiCA.

HTX has also faced sanctions outside the EU. The UK government imposed similar measures in May, saying there were “reasonable grounds to suspect” that HTX supported Russia’s government by using financial services and funds facilitated by sanctioned entities.

The result is a divided operating environment for crypto firms connected to Russia-related activity. Russia is developing domestic regulation and bank-operated infrastructure, while many foreign-facing crypto service providers remain subject to sanctions risks, compliance requirements, and restrictions on cross-border activity.

Implementation details remain in focus

Sberbank’s planned digital depository and Russia’s broader crypto framework, scheduled to take effect on Sept. 1, 2026, place attention on implementation. Key issues include how the Bank of Russia will apply licensing requirements, how liquidity thresholds will shape asset eligibility, and whether bank-operated off-chain custody and transfer accounting becomes a model for other regulated intermediaries.

Operational details will also matter for how the system functions in practice, including how customer rights are recorded, how on-chain deposits and withdrawals are reconciled with off-chain balances, and what disclosures apply to users of active wallets.

Outside Russia, sanctions policy may continue to affect cross-border partnerships, access to international payment systems, and the ability of crypto businesses tied to the region to work with counterparties in other jurisdictions.