Russia’s largest bank, Sberbank, plans to integrate a crypto wallet for digital assets into its banking applications by December. Sberbank First Deputy Chairman Kirill Tsarev announced that with this step, the bank will enter more directly into the crypto market, which has long been under Moscow’s strict approach.
The legal regulation may come into force on September 1
The launch of the wallet will take place after the Digital Currency and Digital Rights law comes into force in Russia. Vladimir Chistyukhin, First Deputy Governor of the Central Bank of Russia, said that the regulation in question is expected to start on September 1.
Kirill Tsarev stated that after the law comes into force, Sberbank will add the wallet to the existing Sberbank Online and SberInvestments platforms. Thus, customers will be able to store authorized tokens without leaving the bank’s own applications. It is aimed to have a separate custody structure ready for holding and accounting of these assets on December 1.
Sberbank plans to integrate the crypto wallet into existing banking and investment applications, allowing customers to keep authorized tokens within the bank ecosystem.
Mini dictionary: Custody service refers to the infrastructure that ensures safe keeping of digital assets and tracking of their records. Authorized token refers to digital assets that are allowed to be traded within the regulatory framework.
The new framework will license transaction and custody activities
It is envisaged that the prepared legal framework will create a licensing system in areas such as crypto trading and custody services, crypto-to-fiat conversion and cross-border settlement. The regulation also covers limited access to the system for non-qualified investors. Investors in this group will be allowed to trade under trial conditions and the annual upper limit will be 300 thousand rubles.
Companies wishing to operate in the digital asset space will need to complete the official registration process by July 1, 2027. Tsarev noted that the final launch date depends on when the final version of the law will be published and when updated Sber applications will be uploaded to application stores. It is also possible that Android users will be able to access the new interface before iOS users.
| Title | date or border |
|---|---|
| Expected start of the law | 1 September |
| Target date of separate storage structure | 1 December |
| Non-qualified investor limit | 300 thousand rubles per year |
| Registration deadline for companies | July 1, 2027 |
Sberbank also wants a broader intermediary role
Tsarev said that Sberbank is also considering intermediating transactions on foreign exchanges for Russian investors, as part of a proposed amendment to be added to the bill. However, he emphasized that this step would be subject to domestic rules and other requirements regarding foreign exchange transactions.
Although the option of brokering foreign exchanges is on the table, the decision will depend on domestic regulations and foreign exchange rules.
Russia’s approach shifted from ban to controlled initiative
The Central Bank of Russia had sought a comprehensive ban on mining, trading and use of crypto assets in January 2022, citing risks to financial stability and monetary policy. In response, the Ministry of Finance took a softer line and prepared its own draft regulation despite the objections of the Central Bank.
The Central Bank’s approach began to change after the Ukraine war, when Russian banks were excluded from significant parts of global payment systems. Russia legalized crypto mining in 2024 and established an experimental cross-border settlement regime available to selected companies in foreign trade.
Sberbank controls about a third of the country’s total banking assets. As a structure majority-owned by the Russian government, the bank serves more than 100 million individual customers. Therefore, the planned crypto wallet step is being closely watched not only for the bank, but also for the general direction of the digital asset market in Russia.
Other major banks in Russia are also preparing for regulatory changes. It is stated that VTB and T Bank are working on their own digital wallet and storage solutions. Moscow Stock Exchange, which has launched cash-settled crypto futures, also aims to launch crypto operations by the end of 2026.
