Sberbank Plans Crypto Wallet as Russia Opens Door to Digital Assets

Russia’s largest bank, Sberbank, is set to launch a cryptocurrency wallet and digital depository by December, once the country’s new digital asset legislation comes into force. The services will be built into the bank’s existing Sberbank Online and SberInvestments apps, according to Kirill Tsarev, first deputy chairman of the bank’s management board.

The “On Digital Currency and Digital Rights” bill is expected to take effect on September 1, based on comments from Bank of Russia First Deputy Chairman Vladimir Chistyukhin. Tsarev said the bank will build its crypto wallet once regulations are finalized, giving customers access to approved digital currencies directly through familiar banking apps.

New Law Sets Trading Limits and Licensing Rules

The legislation introduces licenses covering crypto trading, custody, digital-to-fiat conversion and cross-border payments. Non-qualified investors will be allowed to trade under testing conditions, capped at around 300,000 rubles, roughly $3,800, per year. Firms have until July 2027 to join the official registry.

From Outright Ban to Regulated Market

Russia’s stance on crypto has shifted sharply over the years. The central bank pushed for a full ban in 2022, while the government backed a regulatory path instead. Crypto payments remained banned domestically, but cross border use gained traction after sanctions cut Russian banks off from global payment systems. Mining was legalized in 2024, alongside an experimental cross-border settlement system.

The Moscow Exchange has already introduced crypto futures contracts, and banks VTB and T-Bank are reportedly developing their own digital depositories as well.