Russia’s largest bank plans crypto wallet launch as Moscow clears market path

Russia’s largest bank, Sberbank, plans to offer a cryptocurrency wallet and digital depository by December, bringing the financial institution into a market the country spent years trying to contain.

The new services will be added to its Sberbank Online and SberInvestments platforms after Russia adopts its bill “On Digital Currency and Digital Rights,” according to Kirill Tsarev, first deputy chairman of the bank’s management board.

The law is expected to take effect Sept. 1, according to Bank of Russia First Deputy Chairman Vladimir Chistyukhin, local news outlet RBC reported.

The wallet would give Sberbank clients access to authorized cryptocurrencies inside the bank’s own apps. Sberbank also plans to build a digital depository for storing and accounting for the tokens.

“As regulations emerge, we will prepare a service for our clients. Essentially, it will be a crypto wallet, which we will implement first in Sberbank Online and SberInvestments,” Tsarev said.

The legislation creates licenses for firms to engage in crypto trading, custody, digital-to-fiat exchange and cross-border settlements.

Non-qualified investors will be allowed to trade under testing requirements and limits capped at roughly 300,000 rubles (around $3,800) per year, while market participants will have until July 1, 2027, to enter the official registry.

Russia’s complicated crypto history

The developments follow years of resistance from the Bank of Russia. In January 2022, the central bank called for a broad ban on crypto trading, mining, and usage, citing risks to financial stability and monetary policy.

Russia’s government was less hostile. The Finance Ministry pushed a regulatory bill over the central bank’s objections, keeping crypto payments prohibited while creating a path for licensed trading.

After the country’s invasion of Ukraine started, President Vladimir Putin signed a law in 2022 tightening the ban on using cryptocurrencies to pay for goods and services in Russia.

Cross-border use became the exception after sanctions cut Russian banks off 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 selected firms for foreign trade transactions.

The Moscow Exchange (MOEX) has also been moving into the cryptocurrency space, with the rollout of cash-settled futures contracts tied to various coins.

VTB and T-Bank, two other major financial institutions, are working on digital depositories after the law takes effect, RBC’s report added.