Russia's Sberbank to launch crypto wallet before end of year

Russia’s largest bank, Sberbank has stated its plans to add a crypto wallet for digital assets to its banking apps by December. First deputy chairman Kirill Tsarev told local outlet RBC today in a move that pulls the bank into a market that has been relatively suppressed by Moscow for years.

The launch of the wallet is set to happen after the country’s “On Digital Currency and Digital Rights” bill has taken effect. Vladimir Chistyukhin, first deputy governor of the Bank of Russia, told RBC the law is expected to start on September 1.

Once this law is in motion, Tsarev said Sberbank will roll out the wallet inside its existing Sberbank Online and SberInvestments platforms, letting clients hold authorized tokens without leaving the bank’s native apps. A separate holder, meant to store and account for these tokens, is targeted for December 1.

Regulation to back the launch

The new legislation in view is planned to create a way to license crypto trading and custody, crypto-to-fiat exchange, and other cross-border settlements. The law will also limit unbridled participation, with non-qualified investors allowed to trade under test conditions, and capped at just 300,000 rubles a year equaling approximately $3,800.

Firms that want to operate in the digital asset space have until July 1, 2027 to register officially.

Tsarev told RBC that the final launch date still depends on when the finished legislation is published and when updated Sber apps will be available for online stores. Android users may also see the new interface before iOS users do.

The deputy chairman also mentioned in addition that under a proposed amendment to the bill, Sberbank is looking to act as an intermediary for Russians to trade on foreign exchanges. He, however, added that this decision rests on domestic rules and other foreign-exchange requirements.

Russia moving from ban to working product

In January 2022, the Bank of Russia pushed a complete ban for crypto, and fully restricted the, mining, trading, and use of crypto due to risks to financial stability and the country’s monetary policy. The country’s Finance Ministry took a softer line and worked up its own regulatory bill despite the central bank’s objections.

The central bank’s stance shifted after sanctions came to Russia due to its invasion of Ukraine, cutting Russian banks out of major parts of global payments systems.

In 2024, Russia legalized crypto mining and set up an experimental cross-border settlement regime that let the central bank approve selected firms for foreign trade.

Sberbank controls almost a third of all banking assets in the country, which makes the plans of huge importance. The bank also runs the most extensive branch network, and is majority-owned by the Russian government, serving more than 100 million retail customers.

Other rival banks in the country are also moving along with the law changes. VTB and T-Bank are both preparing their own digital wallets and depositories once the law takes effect, RBC reported. The Moscow Exchange, which has already rolled out cash-settled crypto futures, also aims to launch crypto operations by the end of 2026.

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