Sberbank to Launch Crypto Wallet for 110 Million Users by December 2026
Russia's largest bank will integrate cryptocurrency trading and custody into its consumer platforms following new federal legislation.
Sberbank, Russia's largest financial institution, will launch a cryptocurrency wallet and digital depository by December 1, 2026, integrating the infrastructure directly into its Sberbank Online and SberInvestments platforms. The move brings crypto trading within reach of the bank's 110.5 million retail clients.
Regulatory Framework Takes Shape
The rollout follows legislation the State Duma passed on July 21, 2026, which still requires approval from the Federation Council and President Putin's signature before taking effect September 1, 2026. The law, titled 'On Digital Currency and Digital Rights,' establishes the Bank of Russia as the sole regulator with authority to license intermediaries including exchanges, brokers, custodians, and depositories.
Under the new framework, cryptocurrency remains prohibited for domestic payments but is legalized for cross-border trade settlements—a distinction that reflects Russia's ongoing efforts to navigate international financial sanctions. The central bank will enforce a whitelist of approved digital assets available to retail investors.
Custodial Model, State Oversight
Sberbank's implementation uses a custodial model where the bank holds private keys on behalf of customers, rather than users controlling their own keys. This structure aligns with the law's requirement for licensed intermediaries to manage digital asset custody.
Retail investors face purchase caps of approximately 300,000 rubles ($3,800) per intermediary annually and must pass knowledge tests before trading. These restrictions position crypto access as a regulated investment channel rather than an open financial instrument.
Institutional Pivot
The announcement marks a significant shift for Russia, which maintained contradictory cryptocurrency policies for years—banning domestic use while permitting mining and holding. The Central Bank of Russia moved toward a regulated framework in late 2025 and early 2026 to bring digital assets under state oversight.
Some observers characterize the development as less about opening crypto to ordinary Russians and more about the state recapturing control over an asset class that had operated outside traditional financial monitoring. The custodial structure means capital flows remain visible to regulators, eliminating the permissionless nature that defined early cryptocurrency adoption.
Sberbank's deputy chairman Kirill Tsarev announced the December timeline at the Bank of Russia Financial Congress, according to RBC. The bank's infrastructure will function as one of the licensed intermediaries under the central bank's supervision.
The December 1 launch date gives Sberbank three months after the law's September effective date to complete technical integration and regulatory compliance. If executed as planned, Russia will become one of the largest sanctioned economies with state-regulated retail crypto access.