Sberbank, Russia's largest financial institution, has announced plans to integrate a cryptocurrency wallet and digital asset custody service directly into its Sberbank Online and SberInvestments platforms. The state-controlled bank aims to have the service ready by the end of 2025, aligning with the country's new digital asset regulation set to take effect on September 1, 2025.
First Deputy Chairman Kirill Tsarev stated that the wallet could be launched within months of the legislation being enacted, with the depository infrastructure targeted for a December 1 readiness date. The service will allow over 100 million retail customers to hold, send, and receive cryptocurrencies without leaving the bank's ecosystem, with secure storage for private keys and compliance measures such as identity verification and transaction limits.
Sberbank controls roughly one-third of all banking assets in Russia and operates the country's largest branch network, making its move a potential catalyst for mainstream crypto adoption. The bank is also considering becoming an intermediary for Russians to trade on foreign exchanges, pending regulatory clarity. Other major financial players, including VTB, T-Bank Group, and the Moscow Exchange, have announced similar plans to develop crypto depositories and trading operations.
The launch reflects a broader shift in Russia's stance on digital assets, driven partly by the need for alternative cross-border settlement channels amid Western sanctions. While no specific cryptocurrencies have been confirmed, the initiative could significantly expand regulated access to crypto within Russia.
