TL;DR:
- Sberbank plans to launch a crypto wallet and a digital deposit before December, subject to the approval of new Russian legislation.
- The services will be integrated into Sberbank Online and SberInvestments after the law “On Digital Currency and Digital Rights” takes effect on September 1.
- Unqualified investors will be able to operate under limits of approximately 300,000 rubles (around $3,800) per year.
Sberbank, Russia’s largest bank, announced its plan to incorporate a cryptocurrency wallet and a digital deposit before December 2026, contingent on the adoption of the legislation “On Digital Currency and Digital Rights”.
This was confirmed by Kirill Tsarev, first deputy chairman of the bank’s executive board, who detailed that both services will be integrated into the Sberbank Online and SberInvestments platforms. The law, according to Vladimir Chistyukhin, first deputy governor of the Bank of Russia, would take effect on September 1, based on information published by local outlet RBC.
Registration Deadlines and Operating Limits
The wallet will allow the bank’s clients to access certain authorized cryptocurrencies directly through the institution’s applications. The digital deposit, for its part, will function as infrastructure for the storage and accounting of tokens. “As regulations emerge, we will prepare a service for our clients. Essentially, it will be a crypto wallet, which we will implement first in Sberbank Online and SberInvestments,” Tsarev stated.
The new regulation will allow entities to obtain licenses for cryptocurrency trading, custody, digital-fiat exchange and cross-border payments. Unqualified investors will be able to operate under test conditions with an annual cap of approximately 300,000 rubles, equivalent to around $3,800. Traders will have until July 1, 2027 to register in the official registry.
Sberbank: A History of Resistance and Gradual Openness
Sberbank’s new products are the result of years of institutional tension surrounding cryptocurrencies in Russia. In January 2022, the Bank of Russia called for a blanket ban on trading, mining and the use of crypto assets, citing risks to financial stability and monetary policy.
The Ministry of Finance imposed its regulatory stance over the central bank’s objections, though it maintained the prohibition on using cryptocurrencies for domestic payments. Following the invasion of Ukraine and the sanctions that disconnected Russian banks from parts of the international payments system, the country legalized mining and enabled an experimental cross-border settlements regime in 2024.
The Moscow Exchange also joined the crypto industry with the launch of cash-settled futures tied to various cryptocurrencies. VTB and T-Bank, two other major financial institutions, are also working on digital deposits ahead of the law’s entry into force, according to RBC.
