Sberbank Targets December for Crypto Wallet, Digital Depository

Sberbank plans to launch a crypto wallet and a digital depository before December, the bank said. The services will be integrated into Sberbank Online and the SberInvestments platform after a new Russian law on digital currency takes effect on September 1.

The law, "On Digital Currency and Digital Rights," defines digital currency as property and sets rules for issuance and circulation. It also establishes tax treatment. Sberbank's launch depends on the law's enactment. The bank has been testing the infrastructure ahead of the legislation.

The digital depository will function like a traditional securities depository but for tokenized assets. Sberbank already operates a blockchain platform for digital financial assets under a separate 2021 law. The new wallet and depository extend that into a broader set of crypto instruments.

Sberbank's move follows a pattern of state-linked entities preparing for legalized crypto transactions. The central bank, once opposed, now supports regulated infrastructure. Sberbank's scale as Russia's largest lender means the wallet and depository will be accessible to over 100 million customers.

The bank declined to specify which cryptocurrencies the wallet will support, saying only that it will comply with the regulatory framework. The digital depository will initially handle tokenized securities issued on Sberbank's own DFA platform, with plans to expand to third-party tokens.

Any delay in the law's enactment would push the launch back. The bank gave no indication of a contingency timeline. The September 1 effective date is the next hard deadline.

Sberbank's earlier work on the project was covered in a separate report earlier this month. The bank said it expects to meet the December target.