Russia’s largest bank, Sberbank, plans to launch a crypto wallet and digital depository by December, pending new digital asset legislation. The services are expected to be built into Sberbank Online and SberInvestments after the law takes effect in September.
Russia’s largest bank, Sberbank, plans to launch a crypto wallet and digital depository by December, pending new digital asset legislation. The services are expected to be built into Sberbank Online and SberInvestments after the law takes effect in September.
The move matters because it would bring crypto access into the apps of a major state-linked financial institution in a market that has spent years limiting domestic crypto use. If implemented, Sberbank clients would be able to access authorized cryptocurrencies through the bank’s own platforms, while the planned depository would support storage and accounting for the tokens.
Russia’s largest bank, Sberbank, plans to introduce a cryptocurrency wallet and digital depository by December as Moscow moves toward a clearer legal framework for digital assets. The services are expected to be added to Sberbank Online and SberInvestments after Russia adopts its “On Digital Currency and Digital Rights” bill, according to CoinDesk, citing comments from Kirill Tsarev, first deputy chairman of the bank’s management board.
The move matters because it would bring crypto access into the apps of a major state-linked financial institution in a market that has spent years limiting domestic crypto use. If implemented, Sberbank clients would be able to access authorized cryptocurrencies through the bank’s own platforms, while the planned depository would support storage and accounting for the tokens.
The legislation is expected to take effect on September 1, according to Bank of Russia First Deputy Chairman Vladimir Chistyukhin, as reported by RBC and cited by CoinDesk. The bill would create licenses for crypto trading, custody, digital-to-fiat exchange and cross-border settlements.
Retail access would still come with restrictions. Non-qualified investors are expected to be allowed to trade under testing requirements and annual limits of roughly 300,000 rubles, or about $3,800, while market participants would have until July 1, 2027, to enter the official registry.
Russia’s position on crypto has shifted over time. The Bank of Russia previously called for a broad ban on crypto trading, mining and use in January 2022, while the Finance Ministry pushed for regulated activity. Crypto payments for goods and services remain prohibited domestically, but Russia later legalized crypto mining and created an experimental regime for cross-border settlements after sanctions limited parts of the country’s access to global payment systems.
Other large Russian financial firms are also preparing for the new framework. VTB and T-Bank are working on digital depositories after the law takes effect, while the Moscow Exchange has moved into cash-settled futures contracts tied to cryptocurrencies.
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