This trend reflects a broader convergence where traditional banks and crypto firms treat blockchain as a tool to package and settle existing financial products rather than creating a separate parallel system.

Other banks have announced similar moves to create digital depositories for cryptocurrency once the law is in place, signaling a coordinated expansion of crypto services in Russian banking.

Regulators are grappling with what exactly constitutes a crypto regulation—whether it should cover the institution, the product, or the technology—as crypto‑enabled financial services blur lines with traditional banking and markets.

The move aligns with broader Russian market developments, including MOEX expanding into crypto instruments and liquidity considerations amid sanctions and regulatory change.

Sberbank, Russia’s largest bank and government‑backed, plans to launch a crypto wallet and a digital custody platform by December 2026, integrated into Sberbank Online and SberInvestments as soon as the new crypto law takes effect.

This marks a shift from a hard line against digital assets to building a regulated framework that supports crypto adoption within the banking sector, a trend echoed by other banks like T-Bank and VTB.

Under the planned framework, regulated entities would track digital assets, organize trading, conduct digital‑to‑fiat exchanges, and handle cross‑border crypto settlements, with retail access to crypto trading tested and gradually broadened.

By July 1, 2027, crypto firms must register with an official state registry and comply with licensing and ongoing supervision for regulated crypto services.

Legislation will license crypto trading, custody, digital‑to‑fiat exchange, and cross‑border settlements, with non‑qualified investors limited to roughly 300,000 rubles per year for certain activities and product testing required.

Sberbank, which controls about a third of Russia’s banking assets and is government‑backed, may act as an intermediary for Russians trading on foreign exchanges, subject to regulatory rules.

Russia previously legalized crypto mining and piloted cross‑border settlement in 2024, with regulators preparing a formal market‑participant registry by 2027.

Sber is considering serving as an intermediary to allow Russians to trade on foreign platforms via domestic infrastructure, contingent on final regulations and overseas exchange policies.