Sberbank to Launch Cryptocurrency Wallet by December

Sberbank, Russia's largest bank, plans to introduce its own cryptocurrency wallet and digital asset custody service by early December 2026. The new features will be integrated into the Sberbank Online and SberInvestments apps following the implementation of Russia's digital currency legislation, which is scheduled to take effect on September 1.

The announcement was made by Kirill Tsarev, First Deputy Chairman of Sberbank, during the Bank of Russia Financial Congress. According to Tsarev, the bank aims to roll out its crypto wallet within a few months after the new regulations come into force. At the same time, Sberbank is building the necessary infrastructure, including a digital custody service for storing and recording cryptocurrency holdings, with completion targeted for December 1, 2026.

Sberbank is also considering acting as an intermediary for cryptocurrency trading on foreign exchanges. However, the final decision will depend on the wording of Russia's upcoming crypto legislation as well as the regulatory frameworks governing international trading platforms.

Other major financial institutions, including the Moscow Exchange, VTB, and T Bank, are pursuing similar initiatives. The proposed regulations would allow licensed entities to provide digital asset custody services, facilitate cryptocurrency trading, exchange digital assets for traditional currencies, and process international transactions. Retail investors will be required to pass a knowledge test before gaining access to crypto trading on Russian exchanges, while non-professional investors will be subject to investment limits. According to officials from the Bank of Russia, the first regulated crypto transactions could begin as early as November 2026.

Russia is already among the countries with significant cryptocurrency adoption. Deputy Finance Minister Ivan Chebeskov stated that around 20 million Russians—approximately 13.6% of the country's population—currently use cryptocurrencies. Following the withdrawal of Visa and Mastercard from the Russian market and the exclusion of several Russian banks from the SWIFT payment network, cryptocurrencies have become one of the country's primary tools for international payments and cross-border transfers.

Meanwhile, the European Union continues to tighten sanctions on Russia's cryptocurrency sector. In May 2026, new measures came into force banning the operation of Russian platforms that facilitate digital asset transfers and exchanges, as well as transactions involving the RUBx stablecoin. A further sanctions package introduced on June 10 expanded the restrictions to additional platforms and granted authorities the ability to completely block cryptocurrency services provided from selected countries outside the European Union.

Sberbank's planned cryptocurrency wallet forms part of Russia's broader strategy to develop a state-backed digital asset infrastructure. The final launch timeline will ultimately depend on the publication and adoption of the country's comprehensive cryptocurrency legislation.