Sberbank, Russia’s biggest bank, is gearing up to roll out a crypto wallet and digital asset custody services by December, according to a report from Interfax. The bank plans to develop a digital depository system that not only tracks client crypto holdings but also manages off-chain transactions and wallet transfers to fulfill client orders.
This move aligns with the State Duma’s ongoing review of a full new law titled "On Digital Currencies and Digital Rights." The legislation aims to regulate various aspects of the crypto market, including retail purchases via licensed intermediaries, exchange trading, clearing, and the operation of digital depositories.
Alexander Vedyakhin, Sberbank’s First Deputy Chairman, emphasized that a number of detailed regulations still need to be drafted concerning depository accounting, bookkeeping, and licensing of new intermediary types. He also highlighted the bank’s readiness to contribute expertise and actively engage in shaping these rules.
Russia’s evolving stance on cryptocurrency
Since 2022, using cryptocurrencies as a payment method has been illegal in Russia. However, authorities have been open to leveraging crypto for international settlements. Last year, President Vladimir Putin approved legislation legalizing cryptocurrency mining for approved legal entities, though foreign players remain banned from operating in Russia.
In 2023, the Russian legislature legalized digital currencies for international payments, a move that likely helped circumvent sanctions imposed after Russia’s SWIFT exclusion following its invasion of Ukraine in 2022. Under the anticipated new framework, major Russian banks are preparing to offer crypto trading services, with investor safeguards like mandatory testing and purchase limits.
Sberbank’s announcement comes amid these regulatory shifts, indicating the bank’s commitment to integrating crypto services within a tightly controlled environment. This development echoes broader trends where top financial institutions progressively embrace digital assets while navigating regulatory complexities.
