Sberbank plans December crypto launch under Russia's new $64B licensing law

Russia's largest bank will embed crypto trading and custody into its consumer app by year-end as the country builds state-licensed digital asset infrastructure.

Russia's largest bank Sberbank plans to launch cryptocurrency trading and a digital depository by Dec. 1, following the Federation Council's approval of a law creating a state-licensed framework for digital asset transactions.

"The depository will record clients' ownership of cryptocurrency and process most transactions outside the underlying blockchain," Sberbank said in a statement reported by Interfax, adding that it will operate active wallets for client deposits and withdrawals.

The framework, effective Sept. 1, limits public exchange trading to cryptocurrencies meeting Bank of Russia liquidity thresholds — an average market capitalization above 5 trillion rubles ($64 billion) and average daily volume above 1 trillion rubles ($12.8 billion) over two years. Non-qualified investors face an annual purchase cap of 300,000 rubles per intermediary, while crypto payments for goods and services inside Russia remain prohibited.

The law transforms what was a $72 billion sanctions-evasion network — documented by TRM Labs in 2025 flows through the A7A5 ruble-pegged stablecoin — into state-supervised banking infrastructure, creating a structural enforcement challenge for Western regulators who have relied on exchange-by-exchange designations since 2022.

From Gray Market to Licensed Infrastructure

The bill, No. 1194918-8, passed its second and third readings in the State Duma on July 21 and now requires only President Vladimir Putin's signature. Licensed intermediary requirements take full effect July 1, 2027, with unlicensed operators facing criminal liability including prison sentences of up to seven years.

Sberbank's December target follows preparatory moves including bitcoin-linked structured bonds for qualified investors in June 2025 and Russia's first crypto-backed loan with miner Intelion Data in December 2025. VTB and T-Bank Group have announced digital depository plans, while the Moscow Exchange confirmed it will launch crypto trading before year-end 2026.

Western Enforcement Faces a New Calculus

The shift from gray-market evasion to state-licensed infrastructure changes the enforcement dynamic. Garantex, a Russia-based exchange that processed more than $60 billion for sanctioned entities before US law enforcement shut it down in March 2025, was succeeded by Grinex, which suspended operations in April 2026. The EU's 21st sanctions package, announced June 10, introduced a mechanism allowing blanket bans on crypto-asset services from entire non-EU countries hosting evasion platforms.

For compliance teams, the Sept. 1 launch creates a practical decision point. EU residents are already prohibited from transacting with Russian crypto service providers under the 20th sanctions package effective May 2026. US persons face blocking sanctions on Sberbank under OFAC's Executive Order 14024 framework regardless of its Russian legal status.

This article is for informational purposes only and does not constitute investment advice.