Sberbank Sets December Deadline for Crypto Infrastructure

Using crypto as a form of payment has been illegal in Russia since 2022, but lawmakers have been open to using digital assets for international settlements. President Vladimir Putin signed a law allowing cryptocurrency mining in 2023, permitting legal entities to mine if they receive approval from the digital ministry. Foreign operations are currently banned from doing business in the country.

In 2023, the Russian legislature passed a bill legalizing the use of digital currency for international payments. That bill likely helped the country skirt sanctions after the U.S. and European governments cut Russia off from the SWIFT payments system following its invasion of Ukraine in 2022.

Top Russian banks are planning to launch crypto trading services when the new regulations take hold. Lawmakers have said that investors will have to pass a test to start crypto investing and will be limited on the amount they can buy. Sberbank's December timeline puts it at the center of that shift, with the digital depository acting as the backbone for custody and settlement.