Russia’s Largest Bank Makes Crypto Move: Launching Its Own Wallet in December

Sberbank, Russia’s largest bank, is preparing to launch its own cryptocurrency wallet and digital custody service by December following new legal regulations in the country.

The long-standing distant attitude toward the cryptocurrency market in Russia is giving way to strategic integration. The country’s financial giant, Sberbank, announced that it will offer cryptocurrency services to its customers directly through banking apps following the enactment of the new bill “On Digital Currency and Digital Rights.” According to a statement by Kirill Tsarev, Deputy Chairman of the bank’s executive board, these new features will be integrated into the Sberbank Online and SberInvestments platforms.

The law, expected to take effect on September 1, will allow companies to obtain official licenses for cryptocurrency trading, custody services, and cross-border payments. This will enable bank customers to securely access authorized assets. Sberbank also plans to establish a specialized digital depository to account for and ensure the security of these digital assets.

A New Era for Cryptocurrency Trading in Russia

With the new regulation, certain limitations are being introduced for non-professional investors. In this context, investors will be able to trade approximately 300,000 rubles (about $3,800) per year, provided they pass the required tests. Market participants will be given until July 1, 2027, to register in the official registry. Rather than physical bank branches as seen in images, these services are planned to be conducted entirely through digital channels.

This move by Russia is seen as an effort to overcome difficulties in cross-border payments, especially following sanctions. In addition to Sberbank, other major financial institutions such as VTB and T-Bank are also working on similar digital custody solutions. The country aims to breathe new life into the economy by moving away from its prohibitionist stance in 2022 and legalizing areas such as cryptocurrency mining and usage in foreign trade.