Sberbank, Russia's largest bank, plans to launch a crypto wallet inside its Sberbank Online and SberInvestments apps by 1 December 2026. The timeline depends on the entry into force of Russia's digital asset law, which is expected to take effect in September.
Sberbank controls roughly one third of all banking assets in Russia and operates the country's largest branch network. The majority state-controlled institution wants to give retail customers direct access to crypto assets. It therefore aims to deliver this through its existing apps, without a separate crypto provider. Kirill Tsarev, First Deputy Chairman of the executive board, announced a launch "within months" of the law taking effect. Back in December 2025, the group already gained experience with Russia's first Bitcoin-backed loan, extended to the miner Intelion Data. The law "On Digital Currency and Digital Rights" passes its second and third readings in the Duma. That vote takes place on 21 July 2026.
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Sberbank's crypto wallet launch hinges on the legal text
The targeted December date is not a fixed deadline but a conditional target. First, lawmakers must publish the final text before the bank can complete the technical implementation. Tsarev made clear that the group will only act once the regulation is in place.
"Once the regulation is in place, we will prepare a service for our customers. At its core, this is a crypto wallet that we will first roll out in Sberbank Online and SberInvestments." - Kirill Tsarev, First Deputy Chairman Sberbank
The wallet therefore integrates directly into the group's two central apps. Sberbank Online serves classic banking, whereas SberInvestments bundles the securities and investment functions. Customers will be able to hold and manage cryptocurrencies through it without a separate provider.
The exact timeline depends, however, on two preconditions. Two conditions apply here. Lawmakers must publish the final legal text, and updated Sber apps must appear in the app stores. Android users will likely receive the new interface before iOS users. As a result, the December date is tied to one regulatory and one technical step. Both must still happen.
Russia's digital asset law creates a licensing system
The digital asset law creates a regulated framework for the Russian crypto market for the first time. It establishes a licensing system for five categories of market participants: exchanges, brokers, management companies, custodians and exchange offices. Additionally, all categories fall under the supervision of the Central Bank of Russia.
For retail investors, by contrast, the framework sets tight limits. Non-qualified small investors may trade up to roughly 300,000 rubles (around USD 3,800) per year under test conditions. Furthermore, market participants must officially register by 1 July 2027. From that same date, criminal and administrative sanctions apply for violations.
The legislative process, however, dragged on longer than planned. Lawmakers passed the first reading in April 2026 with 327 of 340 votes. Originally, the final adoption was scheduled for 1 July 2026 at the latest. Yet lengthy coordination with government agencies delayed the process. The second and third readings are now set for 21 July 2026. Subsequently, the Federation Council and President Putin's signature follow. Vladimir Chistyukhin, First Deputy Chairman of the Central Bank, expects to finalize the rules by October. He then plans to submit them to the Ministry of Justice.
Other Russian banks follow Sberbank's lead
Sberbank is not the only Russian financial group responding to the new law. VTB and the T-Bank Group likewise plan their own digital custody accounts for cryptocurrencies once the regulation takes effect. At the same time, the Moscow Exchange (MOEX) aims to launch crypto trading operations by the end of 2026.
VTB, Russia's second-largest bank, is moreover preparing spot crypto trading. This service targets wealthy retail clients with at least USD 1.3 million in assets to begin with. The major banks are therefore securing an early position in a market that so far lacked any regulated infrastructure.
Sberbank itself has already laid the groundwork for the business. According to reports, the group expanded its issuance of digital financial assets to around 408 billion rubles in 2025. That figure sits well above the prior-year level. Together with the Bitcoin-backed pilot loan to Intelion Data, this reveals a clear pattern. The institution is gradually moving crypto services into its core business.
Sanctions pressure drives Russia's shift on crypto assets
Russia's opening marks no ideological about-face but a pragmatic response to external pressure. Historically, the country pursued a restrictive line. In January 2022, the Central Bank called for a comprehensive ban on cryptocurrencies. Subsequently, in July 2022, Putin signed a law that restricted domestic crypto payments.
The shift unfolded gradually over time. Since 1 November 2024, industrial crypto mining has been legal. Moreover, an experimental legal regime for cross-border crypto settlements exists as well. Domestic payments with crypto remain banned, whereas cross-border transactions are to be permitted under license.
Sanctions pressure ranks as the central driver. Russian banks therefore seek alternative channels for cross-border payments after their access to Western systems was restricted. Additionally, lawmakers are discussing a rule allowing withdrawals of up to 100,000 rubles (around USD 1,300) to non-custodial wallets. It has not been adopted yet, however.
