Sberbank Prepares Crypto Wallet as Russia's Law Nears

Russia's largest lender, Sberbank, confirmed it will launch a cryptocurrency wallet and digital asset depository within months after the country's digital asset law takes effect on Sept. 1. First Deputy Chairman Kirill Tsarev told local news outlet RBC that the wallet will be integrated into Sberbank's mobile apps shortly after the legislation goes live. The depository infrastructure is scheduled for Dec. 1.

The timeline depends on the publication of the final law text and the availability of updated apps through online stores. Android users could get the new interface before iPhone users, Tsarev added. The bank holds roughly one-third of Russia's banking assets and is majority-owned by the Russian government.

Sberbank is also considering becoming an intermediary that would let Russians trade on foreign crypto exchanges under a proposed amendment to the law. Tsarev said that decision will depend on domestic regulatory requirements and the rules governing those exchanges.

The bank has steadily expanded its digital asset footprint. Deputy Chairman Anatoly Popov said in December that Sberbank was exploring crypto-backed lending and working with regulators on the legal and technical infrastructure. He also disclosed that the bank had completed more than 160 digital asset issuances on its proprietary platform since the start of 2025, while continuing to evaluate decentralized finance and tokenization within Russia's regulated system.

The planned launch follows comments from First Deputy Chairman of the Central Bank Vladimir Chistyukhin, who said the new digital asset framework should take effect Sept. 1. Under the law, companies offering crypto custody, trading, and cross-border settlements would have to operate under a licensing regime. The framework is part of a broader push that has also seen a state-backed stablecoin struggle to gain traction, as AlphaScala previously covered.

Competitors are moving too. Russia's second-largest bank, VTB, and T-Bank Group have announced plans to set up digital asset depositories after the law takes effect, RBC reported. Moscow Exchange has said it intends to begin crypto-related operations before the end of 2026.

Meanwhile, the Bank of Russia is on track to launch the digital ruble on Sept. 1. Governor Elvira Nabiullina said earlier this month that major banks would begin offering digital ruble services through their applications from that date.

For Sberbank, the crypto wallet represents a step into direct retail crypto services. The rollout depends on app store approvals, which are not guaranteed for a sanctioned Russian bank. The intermediary model for foreign exchange trading would expose the bank to compliance obligations under both Russian and foreign rules. The licensing regime itself is still being finalized. Any delay in the law's publication could push Sberbank's timeline into 2026.

Sberbank's size means its wallet could become the primary on-ramp for Russian retail crypto activity, provided sanctions do not block the technology chain. The Sept. 1 law date is the next scheduled event to track.