Sberbank Aims for Crypto Wallet Launch as Russia Accelerates Digital Asset Regulation

Russia's largest bank, Sberbank, is planning to launch a crypto wallet service by the end of this year. The move comes as the government speeds up efforts to formalize the digital-asset market and major financial institutions move deeper into the sector.

The law on digital currency and digital rights is under review in parliament and is set to take effect on September 1. Once the law passes, Sberbank plans to introduce crypto wallets through its Sberbank Online and SberInvestments apps by December.

Retail investors will be allowed to trade within an annual limit of about 300,000 rubles (approximately $3,800). Market participants must complete official registration by July 1, 2027. Alongside the wallet service, Sberbank plans to build a digital custody platform for storing and managing tokens.

Other major financial institutions, including VTB and T-Bank, are also preparing digital custody services after the law takes effect. This is a significant shift from Russia's previous stance on crypto regulation, which had long been hostile until international sanctions tied to its invasion of Ukraine prompted authorities to allow crypto use in cross-border payments.