Overview
- Sberbank said Monday it will add a consumer crypto wallet to Sberbank Online and SberInvestments and build a digital depository with a target launch by December if the 'On Digital Currency and Digital Rights' law comes into force.
- Bank of Russia officials expect the law to take effect on Sept. 1 and it would create licenses for trading, custody, fiat-crypto exchange and cross-border settlements while capping retail investor activity at about 300,000 rubles per year.
- Regulators have set a transition window for firms to enter an official registry, giving market participants until July 1, 2027 to comply with the new framework.
- Other major Russian institutions, including the Moscow Exchange, VTB and T-Bank, are preparing similar custody and trading services so incumbents can offer licensed crypto products to domestic clients.
- The move completes a policy shift from 2022 calls for bans to a supervised market that legalised mining and trialled cross-border crypto use, a change driven in part by the state digital-ruble rollout and sanctions-related settlement needs.