Russia's Largest Bank to Launch Crypto Wallet Amid Compliance-Driven Market Expansion

Russia is rapidly embracing the crypto economy, and its largest bank, Sberbank, is taking the lead. The 'Digital Currency and Digital Rights Law' will go into effect on September 1, establishing a strict licensing system for cryptocurrency trading, asset custody, fiat and digital currency exchange, and cross-border settlement.

The law sets an annual limit of approximately 300,000 rubles (about $3,800) for non-qualified investors in the personal retail sector. This move aims to balance financial risk prevention with market activation.

Sberbank is set to launch a cryptocurrency wallet and digital custody services in its official app by the end of the year. First Deputy Chairman Kirill Tsarev has confirmed this plan, which will enable Sberbank's large depositor base to safely access and manage cryptocurrency assets within a familiar banking interface.

This integration model is expected to lower the threshold for ordinary Russians to engage with Web3 assets. Other state-owned and private banking giants, including VTB and T-Bank, are also promoting their digital custody and on-chain custody businesses, paving the way for Russia's compliance-driven crypto market expansion by the end of 2026.