Russia's Sberbank Targets Year-End Rollout of Regulated Crypto Wallet and Custody
AI Market Summary
Sberbank plans to launch a compliant crypto wallet and custody offering by year-end, contingent on Russia's "Digital Currency and Digital Rights Act" taking effect in September. Integration into Sberbank's retail apps and a new licensing framework for trading, custody, fiat conversion, and cross-border settlement would formalize access to authorized crypto assets, albeit with retail investor limits. The move signals accelerating institutional adoption within Russia's banking system.
Impact level
● Medium
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Russia's largest lender, Sberbank, plans to introduce a cryptocurrency wallet and digital asset custody offering by December, according to ChainCatcher, citing CoinDesk. The launch is contingent on the "Digital Currency and Digital Rights Act" taking effect in September.
Sberbank said the service will be embedded in its "Sberbank Online" and "SberInvestments" apps, allowing clients to access approved crypto assets within the bank's ecosystem.
The proposed legislation would create a licensing regime covering crypto trading, custody, fiat conversions and cross-border settlements. For non-qualified investors, annual trading would be capped at about 300,000 rubles (roughly $3,800).
Other major Russian banks, including VTB and TBank, are also preparing to roll out digital custody services.
