Sberbank is preparing a regulated crypto wallet and digital depository, marking a major shift after years of official resistance. The services could arrive by December, once Russia adopts new digital currency rules. The move shows how sanctions, market demand, and new laws are reshaping Russia’s crypto policy.
Sberbank plans crypto wallet inside banking apps
Sberbank plans to place the crypto wallet inside Sberbank Online and SberInvestments. The bank wants clients to access approved digital assets through existing financial platforms. Russia would then see its largest lender enter a market once treated with concern.
Kirill Tsarev, first deputy chairman of the bank’s management board, confirmed the Sberbank rollout. “As regulations emerge, we will prepare a service for our clients,” Tsarev said. He added that the wallet would come first through the bank’s main digital channels.
The bank also plans a digital depository for storing and recording crypto assets. That service would support custody, accounting, and token movement under licensed rules. Sberbank would connect traditional banking tools with Russia’s regulated digital asset market.
New law opens path for licensed crypto services
The bill “On Digital Currency and Digital Rights” would create the legal base for these services. Bank of Russia official Vladimir Chistyukhin said the law should take effect on Sept. 1. Once adopted, the framework would define who can trade, store, and exchange authorized crypto assets.
The law creates licenses for crypto trading, custody, digital-to-fiat exchange, and cross-border settlements. It also allows non-qualified investors to trade under tests and strict yearly limits. Those limits would stand near 300,000 rubles, or about $3,800, per year.
Market participants would have until July 1, 2027, to join the official registry. That transition gives banks and platforms time to adjust systems and compliance controls. Sberbank and other major firms could then operate within one supervised market structure.
Russia softens stance after years of resistance
The latest plan follows a long conflict inside Russia’s policy system. In January 2022, the central bank called for a broad ban on crypto trading, mining, and use. Officials cited threats to financial stability, monetary control, and consumer protection at that time.
The government took a less severe position and pushed regulation instead of a total ban. President Vladimir Putin later signed a 2022 law tightening the ban on crypto payments. However, that law still left room for controlled market activity under future rules.
Sanctions changed the debate because Russian banks lost access to some global payment channels. Russia legalized crypto mining in 2024 and created an experimental cross-border settlement regime. The central bank now approves selected firms for foreign trade transactions under that system.
The Moscow Exchange has already entered the sector through cash-settled crypto futures. Those contracts track different coins but settle in cash, not physical tokens. Therefore, financial institutions can offer exposure without directly handling coins in every product.
VTB and T-Bank are also preparing digital depositories after the law takes effect. RBC reported that both lenders plan services for storing and recording digital assets. Their moves suggest Russia’s banking sector expects regulated crypto demand to grow.
Sberbank remains the largest signal because it serves millions through its daily apps. Sberbank could place crypto services beside normal savings, investments, and payment tools. Sberbank now appears ready to test a market it once approached through careful restraint.
