When Russian digital asset legislation entered the landing phase, large local banks began to advance the relevant products. The Russian Savings Bank plans to launch encryption wallets and digital hosting services by December this year and to access offline banking and investment platforms.
New services to access two main platforms
According to the local media, the management of the Russian Savings Bank has been quoted, and this service will be available after the entry into force of the Digital Currency and Digital Rights Act. The Act is expected to be implemented on 1 September.
The new product will first access Sberbank Online and SberInvestments. At that time, the client may have access to the encrypted assets authorized to trade within the bank's own application. The Bank also plans to build a digital hosting system for token storage and accounting records.
New law paves the way for licensed business.
The establishment of a licensing framework for encrypted transactions, trusteeship, exchange of French currency and cross-border settlements also means that the Russian banking system will enter the encryption market more formally.
- The bill is expected to enter into force on 1 September.
- The savings bank's goal is to be online by December.
- Unqualified investors have an annual cap of approximately 300,000 roubles
Under the current arrangements, non-qualified investors may participate in transactions under test requirements and limits up to a maximum of approximately 300,000 roubles per year, or approximately $3800. Market participants are required to enter the official register by 1 July 2027.
Russia's encryption policy continues to shift.
The Russian Central Bank has long been tough on encrypted assets. In January 2022, the Central Bank advocated a broad ban on encrypted transactions, mining and use, citing concerns about financial stability and monetary policy risks.
At that time, however, the Russian financial sector had promoted another set of regulatory paths, retaining space for licensed transactions while continuing to prohibit the use of encrypted assets for the payment of goods and services. Following the outbreak of the Russian-Uu conflict, Western sanctions weakened part of Russia ' s cross-border capacity to pay and the role of encrypted assets in cross-border settlements began to rise.
In 2024, the Russian Federation had legalized the pilot of encrypted mining and cross-border settlement and authorized the central bank to authorize some enterprises to be used in foreign trade transactions. In addition to savings banks, the Moscow Exchange has launched cash settlement futures contracts linked to various encrypted currencies, and VTB and T-Bank are also preparing digital hosting operations.