Russia's largest state-controlled bank has committed to entering the cryptocurrency market as soon as the country's first formal crypto regulation lands. Kirill Tsarev, First Deputy Chairman of Sberbank's Management Board, told RBC Investments at the Bank of Russia Financial Congress that the lender intends to launch a cryptocurrency wallet in its Sber and SberInvestments apps once lawmakers pass the bill "On Digital Currency and Digital Rights."
The Central Bank's First Deputy Chairman Vladimir Chistyukhin confirmed the law is expected to take force on September 1. Tsarev said Sberbank will roll out its wallet "within a few months" of that date, with a digital depository for storing and accounting for crypto assets ready by December 1. Final timelines depend on the law's precise language and whether updated app versions clear digital storefronts.
The wallet launch represents an early toe-in. Tsarev left open whether Sberbank might become a licensed intermediary allowing Russian retail investors to trade on foreign exchanges, a move the pending bill appears to contemplate. That decision hinges on regulatory requirements both in Russia and abroad.
Sberbank is not moving alone. Moscow Exchange announced plans to launch crypto operations by end of 2026. VTB and T-Bank Group said they would build their own digital depositories once the law takes effect. The framework being finalized by Russia's Ministry of Finance and Central Bank would create a simplified licensing path for bank-run crypto exchanges and set up custodial infrastructure for digital asset settlement.
Retail access carries its own constraints. Russians will be allowed to trade crypto on licensed domestic exchanges, but only after testing and within limits for non-qualified investors. Chistyukhin said crypto transactions could begin in November 2026, with a transition period running until July 1, 2027. Criminal liability for violations kicks in mid-2027.
The rollout timeline spans nearly two years from law passage to enforcement, giving banks and exchanges room to build infrastructure while regulators stress-test the system. Sberbank's move to offer wallets and trading ahead of the depository signals confidence that the regulatory framework will hold.