Russia’s largest bank, Sberbank, has obtained digital depository status to provide crypto asset services. The bank plans to initially offer products for Bitcoin (BTC), Ethereum (ETH) and Tether (USDT), targeting December 1, 2026, for its first product launches. The launch schedule remains dependent on the readiness of implementing regulations governing the market.
The Bank of Russia’s October 6 announcement marked an important step in establishing the country’s regulated crypto market. The regulator announced that it had added the first five digital depositories and four cryptocurrency exchange providers to its respective registers.
What services does Sberbank’s new status cover?
According to the Bank of Russia, digital depositories can maintain records of crypto assets and digital rights and facilitate their transfer. They can also provide clients with access to the blockchain addresses where those assets are recorded.
Sberbank’s new status allows it to provide these services under regulatory supervision. The bank has therefore secured the authorization needed to offer new services through which clients can manage their crypto assets using its recordkeeping and transfer infrastructure.
According to registry information reported by Interfax, VTB, Atomyze, Voltari and Cloud Infrastructure joined Sberbank among the first digital depositories. VTB also entered the register of cryptocurrency exchange providers, alongside Zefir, Sistema Crypto and T-Invest Lab.
Existing apps will support Bitcoin, Ethereum and USDT services
In its October 5 application announcement, Sberbank said it would initially focus on BTC, ETH and USDT. According to the bank’s statement quoted directly by Finam, customers will not need to download separate apps or use new access channels.
The bank aims to bring crypto transactions into the banking interfaces its customers already use. Customer identification, transaction monitoring and reporting will form part of the service.
Sberbank also said it was technically ready to launch. Under its plan, the bank will conduct test transactions with a limited group of customers after obtaining its status, allowing it to assess transaction processes before a wider rollout.
Although December 1, 2026, is the target date for the first products, the bank had made the schedule conditional on regulatory approval and the readiness of implementing regulations. Admission to the register completes the application stage, while regulatory preparations remain relevant to the product launch.
Retail investors face testing and annual purchase limits
Russia’s new regulatory framework, which took effect on September 1, allows both qualified and non-qualified investors to conduct crypto transactions through intermediaries. According to the central bank’s official statement, non-qualified investors must first pass a knowledge test.
These investors will be able to purchase the most liquid crypto assets up to an annual limit of 300,000 rubles through each intermediary. Qualified investors will also need to pass a test, but they will face no monetary limit and will have access to a broader range of crypto assets.
The framework brings banks, brokers, asset managers and new crypto service providers into the same market infrastructure. Foreign stablecoins are subject to the same rules as cryptocurrencies.
However, using cryptocurrency to pay for goods and services within Russia remains prohibited. The new framework expands investment and trading channels while also allowing exporters and importers to use crypto for cross-border payments.
The central bank emphasized that registered entities must comply with transaction and recordkeeping rules from the date of their registration. Entities admitted under the transitional provisions must bring their operations into compliance with the relevant legal requirements by September 1, 2027.
