As Russia moves forward with digital asset legislation, the banking system has begun to prepare for new operations. Local media quoted the Russian Savings Bank as saying that it planned to connect the encrypted wallet to mobile phone applications shortly after the entry into force of the new law on 1 September and to complete the construction of a digital asset hosting facility by 1 December.
Wallet and hosting into schedule
According to the report, the Russian Savings Bank expects to go online after the law is formally implemented, but the timing is still dependent on the publication of the final bill and the smooth distribution of the new version of mobile phone applications through the app store. The bank management indicated that the Android users might have seen the update earlier than the iPhone users.
The Russian Savings Bank is the largest bank in Russia, accounting for about one third of the country ' s banking assets, with its holding shareholders being the Russian Government. In addition to wallets and trusts, the Bank is also working on another arrangement to act as an intermediary in helping Russian users to access an off-shore encrypted exchange, subject to the adoption of an amendment.
or providing access to an offshore exchange
This scenario still depends on two conditions: how the domestic regulatory requirements of Russia land, and what rules will apply to an off-shore encryption exchange. If the arrangement is approved, the bank may assume the role of an entry point under the compliance framework, rather than simply liberalizing the irregular transactions.
Over the past few years, the Russian Savings Bank has continued to expand its digital assets operations. The Bank ' s management indicated last December that the loan product, secured by encrypted assets, was being studied and the legal and technical infrastructure needed to support such operations was being discussed with the regulator.
The Bank also disclosed that, since the beginning of 2025, more than 160 digital asset issuances had been completed on its own platform, while continuing to assess the space for DeFi applications and asset monetization in Russia ' s regulated financial system.
Multi-agency synchronized preparation
The First Vice-President of the Russian Central Bank had previously indicated that the new digital asset framework was expected to enter into force on 1 September. As currently expressed, institutions providing for the hosting of encrypted assets, trade services and cross-border settlements will need to operate under a licensing system in the future.
In addition to the Russian Savings Bank, the second-largest Russian banks, VTB and T-Bank Group, have also indicated that a digital asset trustee will be established when the new law enters into force. According to the Moscow Exchange, operations related to encrypted assets are scheduled to start before the end of 2026.
At the same time, Russia is advancing the digital ruble. Earlier this month, the President of the Russian Central Bank indicated that the digital ruble would still be launched as planned on 1 September, and that major banks were expected to provide related services through their respective applications from the same date.