Russia’s Sberbank Plans Crypto Wallet Launch by Year-End

Russia’s largest bank, Sberbank, plans to launch a crypto wallet service by the end of this year as the government speeds up efforts to formalize the digital-asset market and major financial institutions move deeper into the sector.

CoinDesk reported on July 6 that Kirill Tsarev, first deputy chairman of Sberbank’s executive board, said the bank would be ready to offer the service once regulations are in place. Sberbank plans to introduce crypto wallets in stages through its Sberbank Online and SberInvestments apps, with a launch scheduled for December.

The rollout hinges on passage of the law on digital currency and digital rights, which is under review in Russia’s parliament. Vladimir Chistyukhin, first deputy governor of the Central Bank of Russia, told RBC that the law will take effect on Sept. 1.

The bill sets out a licensing framework for crypto trading, custody, fiat exchange and cross-border payments. Retail investors would be allowed to trade under test conditions within an annual limit of about 300,000 rubles ($3,800). Market participants must complete official registration by July 1, 2027.

Alongside the wallet service, Sberbank plans to build a digital custody platform for storing and managing tokens. Other major financial institutions, including VTB and T-Bank, are also preparing digital custody services after the law takes effect.

Russia had long taken a hostile stance toward crypto regulation. In early 2022, the central bank called for a blanket ban on crypto trading, mining and use. That position began to shift after international sanctions tied to Russia’s invasion of Ukraine cut Russian banks off from global payment networks, prompting authorities to allow crypto use in cross-border payments as an exception. In 2024, Russia legalized crypto mining and introduced an experimental framework for cross-border payments, laying the groundwork for broader regulation.