CoinDesk
Russia's largest bank, Sberbank, plans to roll out a crypto wallet and a separate digital depository inside its Sberbank Online and SberInvestments apps by December, pending the country's new "On Digital Currency and Digital Rights" bill taking effect on September 1.
First Deputy Chairman of the bank's management board Kirill Tsarev told RBC the products will let Sberbank clients hold authorized cryptocurrencies and account for the tokens inside a bank-run depository, framing the rollout as preparation rather than launch: "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."
Why it matters
Sberbank is the institution the Bank of Russia spent three years trying to keep out of crypto. In January 2022, the central bank pushed for a blanket ban on trading, mining, and usage over financial-stability concerns. Finance Ministry counter-pressure kept a regulatory path alive, and sanctions later forced Moscow to legalize mining and an experimental cross-border settlement regime in 2024. Sberbank shipping a wallet to retail clients inside its flagship app would be the first time a systemically important Russian lender actually distributes the asset class to ordinary depositors, not just settles it for corporates.
The law itself carves out the playing field: licensed crypto trading, custody, fiat on-ramps, and cross-border settlement; non-qualified investors capped at roughly 300,000 rubles (about $3,800) per year under testing rules; and a July 1, 2027 deadline for firms to register.
Market impact
Sberbank is not moving alone. VTB and T-Bank are also building digital depositories for the post-September window, and the Moscow Exchange has rolled out cash-settled crypto futures, layering regulated market infrastructure on top of the new law. The combined signal is a market structure: bank-distributed custody, exchange-listed derivatives, and a sanctioned-jurisdiction-friendly settlement rail, all arriving inside roughly twelve months.
Frequently asked questions
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What is Sberbank planning to launch for crypto?
Sberbank plans to roll out a crypto wallet and a separate digital depository inside its Sberbank Online and SberInvestments apps by December, pending Russia's "On Digital Currency and Digital Rights" bill taking effect on September 1.
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What does the new Russian digital currency law actually allow?
The bill licenses crypto trading, custody, fiat on-ramps, and cross-border settlement. Non-qualified investors can trade under testing rules capped at roughly 300,000 rubles (around $3,800) per year, and market participants have until July 1, 2027 to enter the official registry.
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Why is Sberbank's move significant after years of central bank opposition?
In January 2022, the Bank of Russia called for a blanket ban on crypto trading, mining, and usage. Sberbank shipping a wallet to retail clients inside its flagship app would be the first time a systemically important Russian lender distributes the asset class to ordinary depositors, rather than settling it only for…
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Are other Russian banks building similar services?
Yes. VTB and T-Bank are working on digital depositories to launch after the law takes effect, and the Moscow Exchange has already rolled out cash-settled futures contracts tied to various cryptocurrencies, layering regulated market infrastructure on top of the new framework.
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How did Russian crypto policy shift from a proposed ban to bank-distributed wallets?
The Bank of Russia pushed for a broad ban in early 2022, but the Finance Ministry kept a regulatory path alive. Western sanctions cutting Russian banks off from parts of the global payments system pushed Moscow to legalize mining and an experimental cross-border crypto settlement regime in 2024, and the September bill…
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