Sber to add crypto wallet, open depository by Dec. 1

Sberbank plans to integrate a cryptocurrency wallet into its mobile applications and make a digital asset depository operational by Dec. 1. The bank links the rollout to the expected enactment of Russia’s digital asset law in September.

First Deputy Chairman Kirill Tsarev stated, “Sber aims to launch the crypto wallet within months of the legislation taking effect and have its digital depository infrastructure ready by Dec. 1.” He said the exact timetable depends on when the final law is published and when updated Sber apps appear in online stores. Android users are likely to receive the updated interface before iOS users.

Sberbank is majority-owned by the state and holds about one-third of Russia’s banking assets. The bank plans to add custody and wallet services to its retail platform.

The bank is considering acting as an intermediary to allow Russian clients to trade on foreign crypto exchanges under a proposed amendment to the bill. Any such arrangements would need to comply with domestic licensing, central bank guidance and foreign-exchange rules. Sber’s final decision will depend on the law’s wording and guidance from the finance ministry and regulators.

A deputy central bank official has indicated the regulatory framework is expected to take effect on Sept. 1. The draft legislation would introduce a licensing regime for firms that handle custody, trading and cross-border settlement and set formal requirements for depositaries, brokers and exchanges.

Other major Russian financial firms have announced plans to build digital depositories after the law takes effect. The Moscow Exchange has set a target to launch crypto operations by the end of 2026.

Implementation will require software updates, licensing approvals and coordination with payment and foreign-exchange systems that govern cross-border asset movements.