Crypto Wallets Are Coming to Online Banking as Sber Expands Its Digital Finance Ecosystem
Crypto trading tools are set to appear in the Sberbank Online and SberInvestments apps. Sber plans to launch a digital depository and enable customers to create crypto wallets starting December 1, adding another layer to its financial ecosystem.
The initiative is tied to the draft law On Digital Currency and Digital Rights. The bill passed its first reading in the State Duma this spring, with the next review scheduled for later this summer. The legislation, which would establish Russia's regulatory framework for cryptocurrencies, could take effect as early as September.
Possibilities and Guardrails
Russia's financial sector is gearing up for the legalization of cryptocurrency trading. As one of the country's largest financial institutions, Sber is building the infrastructure needed within its ecosystem. Giving customers direct access to crypto wallets and a digital depository from a banking app would significantly simplify access to digital assets. Transactions would be conducted through licensed Russian intermediaries or domestic crypto exchanges. At the same time, the Central Bank is incorporating investor protection mechanisms into the framework. Retail investors would be required to pass a knowledge assessment before making their first crypto purchase, would be limited to highly liquid assets approved by the regulator, and could transact up to RUB 300,000 (approximately USD 3,800) per year through a single intermediary.
Once the digital currency law takes effect, banks that have already built the necessary infrastructure and financial tools will gain a new source of fee income. Meanwhile, the government would gain a transparent framework for taxing crypto-related income and combating money laundering in a market that largely operates outside formal oversight today.
Systemically Important Participants
The draft legislation defines five categories of crypto market participants: exchanges, digital depositories, brokers, asset management companies, and crypto exchange operators. Only organizations licensed by the Central Bank would be permitted to facilitate cryptocurrency trading, convert digital assets into fiat rubles, and provide custody and accounting services. Digital depositories could be established by Information System Operators (ISOs) that issue and maintain records for digital financial assets. The Central Bank currently lists 24 registered ISOs, including several of Russia's largest banks. Some have already announced plans to launch crypto depositories. VTB and T-Bank were the first to do so, followed by Sber and Alfa-Bank, which has already begun testing cryptocurrency trading through its Alfa-Investments app. The Moscow Exchange also plans to introduce crypto-related services before the end of the year.
Legalization as an Ongoing Process
Until now, digital currencies in Russia have been permitted only for cross-border trade and only under an experimental legal framework that has operated under Central Bank supervision since September 2024. During 2025, the Ministry of Finance and the Central Bank accelerated work on a legislative package to regulate the domestic cryptocurrency market. This spring, the draft law On Digital Currency and Digital Rights was submitted to the State Duma and passed its first reading. Lawmakers are currently revising the bill.
"There are many proposed amendments that would give the Central Bank of the Russian Federation and the government the authority to make decisions more quickly in exceptional circumstances in order to protect the country's interests," said Anatoly Aksakov, chairman of the State Duma Committee on the Financial Market.
From Strict Restrictions to Pragmatic Regulation
The legislation was originally expected to take effect on September 1, accompanied by a transition period lasting until July 1, 2027, giving market participants time to audit IT systems, prepare infrastructure, and obtain licenses. Those timelines, however, could still change.
Even so, Russia's systemically important banks are already integrating digital currency services into their mobile apps and building crypto depositories. If the legislation is approved this fall, the first services could go live before the end of the year. Market participants will need to provide secure custodial storage, intuitive user experience and interface design, and tools that support the use of cryptocurrencies in corporate cross-border transactions. Over time, digital currencies could evolve into a standard financial asset integrated into the traditional banking ecosystem.
