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Sberbank plans a crypto wallet and digital depository as Russia’s new crypto law kicks in on Sep 1, aiming for a launch within months and a depository by Dec 1.
Sberbank, Russia’s largest bank, announced it will roll out a cryptocurrency wallet in its Sber and SberInvestments apps as soon as the new “On Digital Currency and Digital Rights” law becomes effective on Sept 1, positioning the state‑owned lender to become a central player in the nascent Russian crypto market [1].
| At a glance | |
|---|---|
| Law effective | Sept 1, 2026 |
| Wallet launch | Within a few months of Sept 1 |
| Digital depository | By Dec 1, 2026 |
| Potential foreign‑exchange role | Under consideration, pending regulatory approval |
The Russian parliament is set to adopt the crypto‑regulation bill in the coming weeks, with the Central Bank’s First Deputy Chairman Vladimir Chistyukhin confirming the law will take force on Sept 1 [1]. Sberbank’s First Deputy Chairman Kirill Tsarev said the bank will prepare a crypto wallet service for its clients, initially integrating it into the Sberbank Online and SberInvestments platforms. The exact rollout date will hinge on the final text of the law and the release of updated app versions in online stores, with Android users possibly receiving the interface first [1].
Beyond the wallet, Sberbank aims to launch a digital depository for storing and accounting for crypto assets by Dec 1, 2026. This facility would enable the bank to record digital asset holdings, facilitate crypto‑to‑fiat exchanges, and manage cross‑border settlements on behalf of clients, mirroring the broader framework the Ministry of Finance and the Bank of Russia are drafting for licensed crypto service providers [1].
Sberbank is not alone in moving toward crypto. The Moscow Exchange has pledged to start cryptocurrency operations by the end of 2026, while VTB and T‑Bank Group have each announced plans to create their own digital depositories once the legislation is in force [1]. The regulatory framework will also allow Russian investors to trade crypto on domestic exchanges after a testing phase, albeit with limits for non‑qualified investors, expanding retail access to Bitcoin and other digital assets [1].
A proposed amendment to the bill could let Russian users trade on foreign exchanges through domestic intermediaries. Tsarev indicated Sberbank will evaluate becoming such an intermediary, though the decision will depend on both Russian and foreign regulatory requirements [1].
Sberbank’s move underscores the Russian state’s intent to embed crypto services within its traditional banking infrastructure, raising questions about how quickly the sector will mature and whether other banks will follow suit under the new regulatory regime.
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