Sberbank, Russia’s largest bank, plans to roll out a crypto wallet integrated with its banking apps by December this year. The initiative follows the implementation of the country’s new legislation for digital assets and marks another step in Russia’s strategy to incorporate cryptocurrencies into the traditional financial system.
The information was confirmed by the bank’s first vice president, Kirill Tsarev, who explained that the launch depends on the law “On Digital Currency and Digital Rights” coming into effect. According to Russian authorities, the legislation is expected to start on 1 September, setting the regulatory framework for trading, custody, and settlement services involving cryptocurrencies.
With the approval of the rules, clients will be able to access the new wallet directly through the Sberbank Online and SberInvestments apps. The goal is to enable the storage of authorized tokens without the need to use external platforms. In addition, the bank plans to make available on 1 December a dedicated system for the storage and accounting of these digital assets.
The regulation also creates a licensing model for companies interested in offering services related to cryptocurrencies. Among the activities provided for are custody, conversion to fiat currencies, and cross-border settlement operations.
For non-qualified investors, the legislation establishes a testing environment with an annual trading limit of 300 thousand rubles, an amount equivalent to approximately US$ 3.800. Meanwhile, companies that want to operate officially in this segment will have until 1 July 2027 to complete their registration with the relevant authorities.
Tsarev said the final schedule still depends on the publication of the final version of the legislation and the rollout of app updates in digital stores. According to him, Android device users should receive the new interface before iOS users.
The executive also stated that Sberbank intends to act as an intermediary for clients interested in trading cryptocurrencies on foreign exchanges. However, this possibility will still depend on internal rules and the FX regulations that will be defined after the regulation takes effect.
Russia’s stance on cryptocurrencies has changed significantly in recent years. In 2022, the Bank of Russia advocated an almost total ban on mining, trading, and use of these assets, citing risks to financial stability and the country’s monetary policy.
As international sanctions tightened and restrictions on the Russian financial system increased, the government began developing a more favorable approach. In 2024, the country legalized cryptocurrency mining and created an experimental regime for international operations involving digital assets.
Sberbank’s move is even more significant given the size of the institution, responsible for nearly one third of Russia’s banking assets and serving more than 100 million customers. Meanwhile, competitors such as VTB and T-Bank are also developing their own digital wallet solutions and custody services, following the evolution of the regulated cryptocurrency market in Russia.