Sberbank to Launch Crypto Wallet Under Russia's New Digital Currency Law

Russia's largest bank, Sberbank, plans to offer a cryptocurrency wallet and digital depository by December after the country's law "On Digital Currency and Digital Rights" takes effect, according to Kirill Tsarev, first deputy chairman of the bank's management board.

Tsarev told local media the wallet will be added to Sberbank Online and SberInvestments platforms. "As regulations emerge, we will prepare a service for our clients," he said. The depository will store and account for tokens.

The law is expected to take effect Sept. 1, Bank of Russia First Deputy Chairman Vladimir Chistyukhin said, as reported by RBC. It creates licenses for crypto trading, custody, digital-to-fiat exchange, and cross-border settlements. Non-qualified investors can trade under testing requirements with an annual cap of roughly 300,000 rubles ($3,800). Market participants have until July 1, 2027, to enter the official registry.

The move caps years of resistance from the Bank of Russia. In January 2022, it called for a broad ban on crypto trading, mining, and usage, citing financial stability risks. The Finance Ministry pushed a regulatory bill over the central bank's objections, keeping crypto payments prohibited but opening a path for licensed trading.

After Russia's invasion of Ukraine, President Vladimir Putin signed a law in 2022 tightening the ban on using cryptocurrencies for domestic payments. Cross-border use became an exception after sanctions cut Russian banks from parts of the global payments system. Russia legalized crypto mining and an experimental cross-border settlement regime in 2024, giving the central bank authority to approve firms for foreign trade transactions.

The Moscow Exchange has rolled out cash-settled futures tied to various coins. VTB and T-Bank, two other major lenders, are working on digital depositories after the law takes effect, RBC reported.