Sberbank has announced plans to launch a crypto wallet and digital depository by December 2026, pending new digital asset legislation.
The move would position the bank to operate in a market Russian authorities have long sought to restrict.
The planned services will be integrated into Sberbank's existing Sberbank Online and SberInvestments platforms. Their rollout depends on the adoption of the ‘On Digital Currency and Digital Rights’ bill, which is expected to take effect on 1 September 2026, according to Bank of Russia first deputy chairman Vladimir Chistyukhin.
The wallet would give Sberbank clients access to authorised cryptocurrencies within the bank's own applications, while the digital depository would provide storage and accounting for the tokens. Tsarev said the bank would prepare the service as regulations are finalised, starting with implementation in Sberbank Online and SberInvestments.
In addition, the legislation is set to establish licences covering crypto trading, custody, digital-to-fiat exchange, and cross-border settlements. Non-qualified investors would be permitted to trade under testing requirements, with annual limits capped at approximately USD 3.800 (300.000 rubles). Market participants will have until 1 July 2027 to register officially.
Regulatory background
According to CoinDesk, the development follows years of resistance from the Bank of Russia. In January 2022, the central bank called for a comprehensive ban on crypto trading, mining, and usage, citing risks to financial stability and monetary policy. Russia's Finance Ministry took a different approach, advancing a regulatory bill over the central bank's objections that kept crypto payments prohibited while creating a path for licensed trading.
President Vladimir Putin signed a law in 2022 tightening restrictions on using cryptocurrencies for payments within Russia. Cross-border use, however, became an exception after sanctions cut Russian banks off from parts of the global payments system. In 2024, Russia legalised crypto mining and introduced an experimental cross-border settlement regime, granting the central bank authority to approve selected firms for foreign trade transactions.
The Moscow Exchange (MOEX) has also expanded into the cryptocurrency space, rolling out cash-settled futures contracts tied to various coins. According to RBC's report, VTB and T-Bank, two other major Russian financial institutions, are also developing digital depositories ahead of the legislation taking effect.
