The planned rollout depends on Russia’s proposed “On Digital Currency and Digital Rights” legislation, which is expected to take effect on Sept. 1 if approved. The framework would establish the country’s first comprehensive licensing regime for cryptocurrency trading, custody, digital asset storage and crypto-to-fiat exchange, creating legal certainty for banks that have waited years to enter the market.
Banking Infrastructure Replaces Standalone Crypto Platforms
Rather than launching a separate cryptocurrency application, Sberbank’s initiative complements Russia Digital Ruble adoption by expanding regulated digital asset services directly into products already used by millions of banking customers. Alongside the wallet, the bank is preparing a regulated digital depository that will provide custody and record-keeping services for cryptocurrencies held under Russia’s new legal framework.
Key features expected under the proposal include:
- Crypto wallets integrated into Sberbank Online and SberInvestments
- Regulated custody through a digital depository
- Licensed cryptocurrency trading infrastructure
- Digital asset accounting and safekeeping services
- Support for approved crypto-to-fiat transactions once regulations become effective
If implemented as planned, Sberbank would become one of the first major Russian banks to offer cryptocurrency custody and wallet services within a regulated banking environment.
New Law Defines How Russia’s Crypto Market Will Operate
The legislation represents the most significant overhaul of Russia’s cryptocurrency rules since the country first began debating digital asset regulation several years ago.
Instead of allowing unrestricted access, the framework creates a supervised market with licensing requirements for intermediaries and investment limits for retail participants.
Among the main provisions are:
- Licenses for crypto exchanges, custodians and brokers
- Regulation of digital asset storage and custody providers
- Legal pathways for crypto-to-fiat conversion
- Rules governing cross-border cryptocurrency settlements
- Annual investment limits of approximately 300,000 rubles (around $3,800) for non-qualified investors
- A transition period allowing market participants until July 1, 2027 to complete regulatory registration.
The gradual rollout suggests regulators are attempting to balance broader market access with investor protection and oversight rather than opening the sector immediately.
Policy Shift Follows Years of Regulatory Resistance
The proposed banking expansion contrasts sharply with Russia’s earlier approach toward cryptocurrencies. In early 2022, the Bank of Russia advocated a broad ban on cryptocurrency trading, mining and usage, arguing that digital assets posed risks to financial stability and monetary policy. Although the proposal was never fully adopted, it reflected the regulator’s cautious stance at the time.
Government policy gradually evolved after Western sanctions following Russia’s invasion of Ukraine disrupted access to parts of the international financial system. Authorities subsequently legalized cryptocurrency mining, introduced an experimental framework for cross-border crypto settlements in 2024 and began drafting broader market regulations. The new framework could also reduce reliance on unregulated services, including activities involving a Russian OTC broker, by bringing more digital asset transactions under licensed financial institutions.
The current legislation builds on those earlier measures by bringing domestic cryptocurrency trading and custody under licensed financial institutions instead of leaving activity largely outside the traditional banking sector.
Traditional Financial Institutions Position for Regulated Market
Sberbank is not the only institution preparing for the regulatory transition. Russian media reports indicate that VTB and T-Bank are also developing digital asset custody platforms that could launch after the law comes into force. Meanwhile, the Moscow Exchange (MOEX) has already expanded its cryptocurrency-related offerings through cash-settled crypto futures and has signaled broader ambitions in digital asset markets.
The coordinated preparations suggest Russia’s largest financial institutions expect regulated cryptocurrency services to become part of mainstream financial infrastructure once the legal framework is finalized.
While implementation will depend on secondary regulations and licensing requirements still under development, Sberbank’s planned launch indicates that major banks are positioning themselves for a market that could increasingly operate within the country’s regulated financial system rather than outside it. The clearer legal framework may also support stricter oversight of digital asset activities, including matters related to Russia criminal case investigations involving cryptocurrency transactions.
