Russia’s largest bank, Sberbank, plans to establish cryptocurrency trading infrastructure that includes a digital depository no later than Dec. 1 as the country integrates crypto trading, custody and settlement into its regulated financial system. The depository will record client ownership of digital assets and process most transactions outside the main blockchain. Sberbank will also operate active wallets to handle client deposits, withdrawals and transfers.

Russian lawmakers completed final readings earlier this month on legislation that would create the country’s first comprehensive framework for digital assets. The Bank of Russia would receive broad oversight authority, including the power to decide which crypto assets licensed intermediaries may offer and to issue implementing rules. Liquidity thresholds set by the central bank require an average market capitalization above 5 trillion rubles and average daily volume above 1 trillion rubles over two years.

The framework establishes five categories of regulated participants—crypto exchanges, brokers, asset managers, custodians and exchange service providers—and defines their rights to buy, sell, hold and exchange crypto assets from its effective date of Sept. 1, 2026.

The infrastructure push coincides with additional European Union measures targeting entities linked to Russia. Last week the European Council added cryptocurrency exchange HTX to a list of firms accused of frustrating existing sanctions related to the conflict in Ukraine. The United Kingdom imposed similar restrictions on HTX in May. The EU also moved to bar Belarusian nationals and residents from owning, controlling or managing crypto exchanges and digital-asset service providers under its Markets in Crypto-Assets rules.