Russia's Sberbank Tees Up Crypto Wallet Launch Pending Draft Law Approval

Sberbank, Russia's largest bank, is planning to launch a crypto wallet and digital depository on its Sberbank Online and SberInvestments platforms by December. The rollout depends on a draft digital-currency law that has passed its first reading but still needs further approvals.

The bill would allow licensed intermediaries such as exchanges, brokers, and depositories to route crypto activity while keeping the ban on domestic crypto payments in place for retail users. Non-qualified investors would need to pass testing, face a 300,000-ruble annual purchase limit through a single intermediary, and be allowed to buy only digital currencies on a Bank of Russia-approved list.

This move expands Sberbank's existing digital-asset business, which received a central bank license in 2022 for issuing and exchanging tokenized traditional assets. Other Russian financial institutions are preparing similar services, with VTB and T-Bank planning to launch digital depositories after the law takes effect.