Russia’s Sberbank to launch crypto trading infrastructure this year

Sberbank, Russia’s 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.That digital depository, Interfax reported, 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.“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, the state-affiliated press service said. “It will also facilitate transactions on active wallets to fulfill clients’ currency transfer orders.”Russia’s 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 would give the Bank of Russia broad oversight of the regulated market, including authority t...