Sberbank, Russia's largest bank by assets, plans to launch a cryptocurrency wallet and digital asset depository by Dec. 1 following the expected enactment of the country's digital asset law on Sept. 1. First Deputy Chairman Kirill Tsarev said the bank aims to integrate the crypto wallet into its mobile applications within months of the legislation taking effect, according to local news outlet RBC reported Monday. The regulatory framework would establish a licensing system for companies handling digital asset custody, trading, and cross-border settlement, marking a significant shift in Russia's approach to cryptocurrency infrastructure.
Sberbank Plans December Launch for Crypto Infrastructure
Kirill Tsarev said Sber aims to have its digital depository infrastructure ready by Dec. 1, with the crypto wallet launching within months of the Sept. 1 legislation enactment. Sberbank controls approximately one-third of all banking assets in Russia and operates the country's most extensive branch network, according to its website. The bank is majority-owned by the Russian government.
Tsarev said Sberbank would also consider becoming an intermediary for Russians to trade on foreign exchanges under a proposed amendment to the bill, but the final decision depends on domestic regulatory requirements and foreign exchange rules. He added that the final launch timeline depends on the publication of the final legislation and the availability of updated Sber apps in online stores. RBC noted that Android users may receive the updated interface sooner than iOS users.
Russia's Digital Asset Law Takes Effect September 1
The regulatory framework governing digital assets is expected to take effect on Sept. 1, according to Vladimir Chistyukhin, First Deputy Chairman of the Central Bank. The legislation would establish a licensing system for companies handling digital asset custody, trading, and cross-border settlement.
Competitor Banks Announce Parallel Crypto Initiatives
VTB and T-Bank Group also announced plans to create their own digital depositories for cryptocurrency after the law takes effect, according to RBC. Moscow Exchange said it aims to launch crypto operations by the end of 2026.
FAQ
What did Sberbank announce about cryptocurrency services?
Sberbank announced plans to integrate a cryptocurrency wallet and digital asset depository into its mobile applications, with First Deputy Chairman Kirill Tsarev targeting a Dec. 1 launch for the digital depository infrastructure following the expected Sept. 1 enactment of Russia's digital asset law.
When does Russia's digital asset law take effect?
The regulatory framework governing digital assets is expected to take effect on Sept. 1, according to Vladimir Chistyukhin, First Deputy Chairman of the Central Bank. The legislation would establish a licensing system for companies handling digital asset custody, trading, and cross-border settlement.
Which other Russian banks are planning crypto services?
VTB and T-Bank Group announced plans to create their own digital depositories for cryptocurrency after the law takes effect, and Moscow Exchange said it aims to launch crypto operations by the end of 2026, according to RBC.
