Sberbank to launch crypto wallet by December
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- Sberbank plans to launch a cryptocurrency wallet and digital depository by December, integrating them into its Sberbank Online and SberInvestments platforms, according to first deputy chairman Kirill Tsarev.
- The rollout depends on Russia's "On Digital Currency and Digital Rights" bill taking effect September 1, as confirmed by Bank of Russia First Deputy Chairman Vladimir Chistyukhin to RBC.
- The legislation creates licenses for crypto trading, custody, digital-to-fiat exchange, and cross-border settlements, with non-qualified investors capped at roughly 300,000 rubles (~$3,800) per year and market participants given until July 1, 2027, to enter the official registry.
- Sberbank's pivot follows years of central bank resistance: in January 2022, the Bank of Russia called for a broad ban on crypto trading, mining, and usage, citing risks to financial stability and monetary policy — a stance the Finance Ministry overrode with a regulatory bill.
- After the invasion of Ukraine and subsequent sanctions, Putin signed a 2022 law tightening the ban on using crypto for goods and services, while Russia legalized crypto mining and an experimental cross-border settlement regime in 2024 for sanctioned foreign trade.
- VTB and T-Bank are also building digital depositories for after the law takes effect, and the Moscow Exchange is rolling out cash-settled futures contracts tied to various cryptocurrencies.
Why it matters: Sberbank's December launch would put crypto trading inside Russia's dominant retail banking app, embedding digital assets into state-licensed infrastructure that was hostile to them just three years ago. The 300,000 ruble retail cap contains household exposure, but the law's cross-border settlement license — created after sanctions cut Russian banks off from global payments — gives sanctioned firms a regulated on-ramp for foreign trade.
