Russia's largest bank, Sberbank, is moving ahead with plans to build crypto infrastructure — including a digital depository for tracking crypto rights and off-blockchain transactions — with a target launch by December. The push comes as the Russian State Duma considers a new law that would comprehensively regulate digital currencies, potentially opening the door for retail crypto purchases through licensed intermediaries and exchange trading.
Sberbank's crypto push
Sberbank's First Deputy Chairman Alexander Vedyakhin confirmed the bank's plans this week. The digital depository would handle off-blockchain transactions and track ownership rights, while a separate Bitcoin and crypto wallet is also in the works. Both are slated for a December launch.
But Vedyakhin cautioned that regulators and the market still need to draft implementing regulations for depository accounting, bookkeeping, and licensing for new intermediaries. The bank can't move faster than the legal framework allows.
The legal backdrop
Using crypto as a form of payment has been illegal in Russia since 2022. But lawmakers have been open to using it for international settlements — a move that likely helped the country skirt sanctions after being cut off from SWIFT in 2022. In 2023, President Vladimir Putin signed a law allowing crypto mining for legal entities approved by the digital ministry. Foreign operations are currently banned from doing business in Russia.
The new law under consideration, titled 'On Digital Currencies and Digital Rights,' would go much further. It would create a comprehensive regulatory framework covering retail purchases, exchange trading, and digital depositories — the exact kind of infrastructure Sberbank is building.
What the new law would change
If passed, the law would allow ordinary Russians to buy crypto through licensed intermediaries. But it wouldn't be a free-for-all. Lawmakers are requiring investors to pass a test and limiting purchase amounts. Top Russian banks, including Sberbank, plan to launch crypto trading services when the new regulations take effect.
The shift is significant. Russia has long taken a cautious stance on crypto, but the combination of sanctions pressure and a desire to develop digital finance is pushing the government toward a more permissive regime — at least for certain activities.
Timeline and next steps
The State Duma is still debating the bill. Even after passage, implementing regulations need to be drafted — covering depository accounting, bookkeeping, and licensing for new intermediaries. Sberbank's December target suggests the bank expects the legal framework to be in place by then.
For now, the bank is building the infrastructure. The market is waiting on the Duma.
