Sberbank is preparing to launch a crypto wallet for its clients. If regulation is adopted on time, the service could appear as early as December.
Kirill Tsaryov said that the first to receive the new features will be users of Sberbank Online and SberInvestments. It is through these services that the bank plans to provide access to permitted cryptocurrencies.
The launch depends on the law “On Digital Currency and Digital Rights.” According to First Deputy Chairman of the Bank of Russia Vladimir Chistyukhin, it could come into force on September 1.
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In addition to the wallet, Sberbank wants to launch a digital depository. It will be responsible for storing and accounting for crypto assets within the banking system.
Essentially, the bank is waiting for clear rules. As soon as they appear, the crypto service will begin to be integrated into Sber’s main applications.
Mandatory registration will be introduced for crypto market participants. Without a license, it will not be possible to exchange digital assets, provide storage services, organize trading, or conduct settlements with foreign partners.
Ordinary investors will not have full access. For unqualified participants, an experimental mode and a limit of about 300 thousand rubles per year are planned. Crypto companies will have until July 1, 2027, to enter the official register.
Russia Gradually Turns Toward the Crypto Market
Just three years ago, the authorities were discussing a completely different scenario. Instead of launching crypto services by the largest banks, the Central Bank proposed to restrict the market as much as possible. Cryptocurrency trading, mining, and the use of digital assets could have been banned.
The government took a softer view of the market. The Ministry of Finance promoted a bill that did not allow cryptocurrency payments within the country but left the possibility for legal trading through licensed companies.
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After the start of the war in Ukraine the rules became even stricter. In 2022, Vladimir Putin signed a law that strengthened the ban on paying for goods and services with cryptocurrency in Russia.
Later, crypto nevertheless received a separate role in international settlements. After sanctions and problems accessing part of the global payment infrastructure, the authorities began looking for other channels for foreign trade. In 2024, Russia legalized mining and launched an experimental regime for cross-border crypto settlements. Participants in such operations must be approved by the Bank of Russia.
The Moscow Exchange is also entering the crypto direction. It has already launched settlement futures tied to various digital assets.
According to RBC, similar digital depositories are being prepared by VTB and T-Bank after the law comes into force.
