Sberbank to Launch Crypto Wallet and Digital Asset Custody Services by December

Russia’s largest lender, Sberbank, is preparing to launch a cryptocurrency wallet and digital asset custody service by December, marking a major step toward integrating digital assets into the country’s regulated financial system.

According to Kirill Tsarev, first deputy chairman of Sberbank’s management board, the new crypto services will be integrated into the bank’s Sberbank Online and SberInvestments platforms once Russia’s new legislation, “On Digital Currency and Digital Rights,” comes into force. The law is expected to take effect on Sept. 1, according to Bank of Russia First Deputy Chairman Vladimir Chistyukhin, as reported by RBC.

The planned crypto wallet will allow customers to access authorized cryptocurrencies directly through Sberbank’s applications. In addition, the bank intends to establish a digital depository that will provide secure storage, accounting, and custody services for digital assets.

Tsarev said Sberbank is preparing its infrastructure to comply with the new regulatory framework, enabling clients to safely manage cryptocurrency within the bank’s ecosystem.

The legislation introduces a licensing system for companies involved in cryptocurrency trading, custody, digital-to-fiat exchange, and cross-border crypto settlements. Retail investors classified as non-qualified will be allowed to trade digital assets under testing requirements and annual investment limits of about 300,000 rubles (approximately $3,800). Businesses seeking authorization must register by July 1, 2027.

Russia’s evolving stance on cryptocurrency follows years of regulatory uncertainty. In early 2022, the Bank of Russia proposed banning crypto trading, mining, and usage, citing concerns over financial stability. However, the Finance Ministry supported a regulatory approach that permitted licensed crypto trading while maintaining restrictions on cryptocurrency payments for goods and services.

Following international sanctions after Russia’s invasion of Ukraine, authorities gradually expanded crypto’s role in cross-border transactions. In 2024, Russia legalized cryptocurrency mining and introduced an experimental framework allowing selected firms to use digital assets for international trade.

Meanwhile, the Moscow Exchange has launched cash-settled cryptocurrency futures, highlighting growing institutional interest. Other major Russian banks, including VTB and T-Bank, are also preparing to introduce digital asset depository services once the new law becomes effective.