Russia’s largest bank Sberbank plans to build cryptocurrency trading infrastructure and launch a digital custody system by December 1, to support regulated cryptocurrency trading, custody, and settlement. The digital custody system will record customers’ crypto-asset ownership and handle most off-chain transactions; Sberbank will manage the custody wallets used for customers’ deposits, withdrawals, and transfers. The plan is based on a recent piece of Russian legislation on cryptocurrency regulation, which will take effect on September 1. Under this framework, provisions requiring that trading be carried out through licensed intermediary institutions are expected to be implemented in July 2027. Under the regulatory requirements, publicly traded cryptocurrencies are limited to crypto assets that meet the liquidity standards of the Bank of Russia, while qualified investors can trade a wider range of assets, but using cryptocurrencies to pay for goods and services within Russia remains prohibited. (CoinDesk)