Sberbank announced it will integrate a crypto wallet into its banking apps by December

Russia’s largest bank, Sberbank, plans to integrate a crypto wallet for digital assets into its banking applications by December. Sberbank’s First Deputy Chairman, Kirill Tsarev, announced that this move will allow the bank to enter Russia’s tightly regulated crypto market more directly after years of operating under Moscow’s restrictive policies.

Legal framework expected in September

The wallet rollout is set to follow the enforcement of Russia’s Digital Currency and Digital Rights Law. Vladimir Chistyukhin, First Deputy Chairman of the Central Bank of Russia, has indicated that the new regulations are expected to come into effect on September 1.

Kirill Tsarev explained that once the law is in place, Sberbank will add the wallet feature to its existing Sberbank Online and SberInvestments platforms. This will enable customers to securely store approved tokens directly within the bank’s ecosystem, without leaving the banking apps. The bank also aims to have a dedicated custody infrastructure ready by December 1 to manage and account for these assets.

Mini glossary: Custody refers to the infrastructure that ensures digital assets are stored and recorded securely. “Approved tokens” are digital assets permitted for transaction within the regulatory framework.

New law to license trading and custody

The proposed legal framework will establish a licensing system for crypto trading, custody services, fiat conversion, and cross-border settlements. The regulation will also limit access for non-qualified investors, allowing them to trade under trial conditions with an annual cap set at 300,000 rubles.

Companies wishing to operate in the digital asset sector must complete official registration by July 1, 2027. Tsarev said the exact launch date for the wallet depends on when the final version of the law is released and when the updated Sberbank apps are available in app stores. He noted that Android users might access the new features before those on iOS.

Sberbank eyes a broader intermediary role

Tsarev also mentioned a proposed amendment that would allow Sberbank to act as an intermediary for Russian investors looking to access foreign exchanges. However, he stressed that any such operations would be subject to domestic regulatory and foreign exchange requirements.

Russia shifts from ban to controlled opening

In January 2022, the Central Bank of Russia called for a blanket ban on crypto mining, trading, and usage, citing concerns around financial stability and monetary policy. The Ministry of Finance, in contrast, pursued a softer approach and drafted its own regulation despite opposition from the central bank.

The central bank’s position began to shift following Russia’s exclusion from major global payment systems in the wake of the Ukraine conflict. In 2024, Russia legalized crypto mining and launched a pilot cross-border settlement regime for select companies in foreign trade.

Sberbank accounts for about one-third of all banking assets in Russia and serves over 100 million individual customers. With the Russian government as its majority shareholder, Sberbank’s crypto wallet plan is being closely watched as an indicator of broader trends in the country’s digital asset market.

Other major Russian banks are also preparing for the regulatory changes. Both VTB and T Bank are reportedly working on their own digital wallet and custody services. The Moscow Exchange, which has already introduced cash-settled crypto futures, aims to launch its crypto operations by the end of 2026.

The post Sberbank announced it will integrate a crypto wallet into its banking apps by December appeared first on COINTURK NEWS.