Sberbank, the largest bank in Russia, plans to make Bitcoin, Ethereum, and Tether’s USDT accessible to its 110.6 million retail customers starting December 1. The bank received approval from the Bank of Russia to operate as both a cryptocurrency exchange and a digital depository, according to recent announcements.
Launch details and access channels
The new crypto assets will become available through Sberbank’s existing digital platforms, including SberBank Online, SberInvestments, and SberBusiness. As of the last quarter, Sberbank also served 3.5 million corporate clients. These established channels are already widely used by Russian consumers for day-to-day banking activities.
The exchange and depository licenses were cleared by the Bank of Russia, with the depository permit coming six days prior to the exchange approval on October 12. Sberbank indicated that the digital depository status will allow the bank to provide crypto trading and custody services within interfaces familiar to its clients.
“This status will allow the bank to provide services related to organizing the circulation of digital currency on interfaces which clients already use.”
Sberbank’s launch date is contingent on the finalization of secondary regulations by the central bank. The bank is now authorized to act as a counterparty to client trades and record client holdings in-house, eliminating the need for third-party platforms.
Asset offerings and investor restrictions
For the initial rollout, only Bitcoin, Ether, and USDT are included in the Bank of Russia’s draft list for retail trading. Anatoly Popov, Deputy Chairman of Sberbank, has estimated that the annual crypto trading volume in Russia could reach 4 trillion rubles, approximately $48 billion, after the introduction of these services.
In recent years, Sberbank has expanded its digital asset services, offering structured bonds and digital financial products linked to cryptocurrencies. In December 2025, the bank conducted a test of a crypto-backed loan involving qualified investors, and its offerings now extend to crypto baskets as well.
First Deputy Chairman Alexander Vedyakhin explained that a digital depository would be central to the new infrastructure, maintaining records of client cryptocurrency rights and accounting for off-chain transactions.
Mini dictionary: Digital depository, a platform or entity designated to store, record, and track digital assets and cryptocurrency holdings for users, often performing custodial and settlement functions outside of public blockchains.
Regulatory framework and transaction limits
Under the latest regulations, approved intermediaries such as Sberbank may sell up to 300,000 rubles (around $3,600) of digital assets annually to each non-qualified retail investor. Buyers must pass a knowledge test before making such purchases. Despite the ability to buy cryptocurrencies like Bitcoin, Sberbank clients will not be able to use crypto for goods and services payments within Russia, in line with the country’s prohibition on crypto payments for transactions.
Further, the law specifically prohibits transfers of digital currency between individuals and bans transfers to non-custodial wallets. The Bank of Russia clarified that individual-to-individual digital currency transfers are forbidden under Part 5 of Article 31 of Federal Law No. 282-FZ, although certain direct deals will be permitted until July 1, 2027.
| Asset | Status for Retail Buyers | Yearly Cap (Non-qualified) |
|---|---|---|
| Bitcoin (BTC) | Approved | 300,000 RUB |
| Ethereum (ETH) | Approved | 300,000 RUB |
| USDT | Approved | 300,000 RUB |
President Vladimir Putin signed the law “On digital currencies and digital rights” in August, putting it into effect on September 1. Until July 2027, some limited direct peer-to-peer crypto deals are still permitted.
Sberbank is one of nine companies on the Bank of Russia’s register of exchange operators, alongside other major Russian institutions such as VTB and T-Invest Lab. The depository register includes five entities, featuring VTB and Atomyze. Currently, Sberbank, VTB, and Atomyze are all subject to Western sanctions in response to Russia’s actions in Ukraine, and authorities have accused Moscow of using digital assets to attempt to bypass these restrictions.
