Russia’s largest lender, Sberbank, has confirmed plans to launch a cryptocurrency wallet and digital asset depository within months after the country’s proposed digital asset law takes effect on Sept. 1.
Summary
- Sberbank plans to launch a crypto wallet and digital asset depository after Russia’s new digital asset law takes effect on Sept. 1.
- Russia’s largest bank is also considering providing access to foreign crypto exchanges, subject to the final regulatory framework.
- The planned launch comes as Russia prepares to roll out both its digital asset rules and the digital ruble from Sept. 1.
According to local news outlet RBC, Sberbank expects to integrate a crypto wallet into its mobile applications shortly after the legislation comes into force, while its digital asset depository infrastructure is scheduled to be ready by Dec. 1.
First Deputy Chairman Kirill Tsarev said the rollout timeline depends on the publication of the final version of the law and the availability of updated Sberbank mobile apps through online app stores. He added that Android users could receive the updated interface earlier than iPhone users.
Sberbank, which holds about one-third of Russia’s banking assets and is majority-owned by the Russian government, is also considering becoming an intermediary that would allow Russians to trade on foreign cryptocurrency exchanges under a proposed amendment to the legislation. Tsarev said the decision will depend on domestic regulatory requirements and the rules governing foreign exchanges.
Sberbank has steadily expanded its digital asset activities in recent years. In December, Deputy Chairman Anatoly Popov said the bank was exploring crypto-backed lending and was working with regulators on the legal and technical infrastructure needed to support such products.
He also disclosed that Sberbank had completed more than 160 digital asset issuances on its proprietary platform since the beginning of 2025 while continuing to evaluate decentralized finance applications and asset tokenization within Russia’s regulated financial system.
Banking sector prepares for new crypto rules
The planned launch follows comments from First Deputy Chairman of the Central Bank Vladimir Chistyukhin, who has said the new digital asset framework is expected to take effect on Sept. 1. Under the legislation, companies offering cryptocurrency custody, trading services and cross-border settlements would be required to operate under a licensing regime.
Separately, Russia’s second-largest lender, VTB, and T-Bank Group have also announced plans to establish digital asset depositories after the law comes into force, RBC reported. Moscow Exchange has likewise said it intends to begin crypto-related operations before the end of 2026.
The preparations come as Russia also moves ahead with its digital ruble rollout. Earlier this month, Bank of Russia Governor Elvira Nabiullina said the central bank remains on track to launch the central bank digital currency on Sept. 1, with major banks expected to begin offering digital ruble services through their applications from the same date.
