Sberbank, Russia's Largest Bank, to Launch Crypto Wallet, Expanding into Digital Asset Market as Regulations Ease
Odaily reported that Sberbank, Russia's largest bank, plans to launch a cryptocurrency wallet and digital custody services, with the earliest launch expected in December. The services will be integrated into the "Sberbank Online" and "SberInvestments" platforms, pending the official implementation of Russia's forthcoming "Digital Currency and Digital Rights Law" in September.
The bill is expected to establish a licensing framework for transactions, custody, fiat exchange, and cross-border settlements involving crypto assets, while also allowing eligible investors to participate in trading within set limits.
Sberbank stated that users will be able to access authorized crypto assets directly within the bank's application, and a digital asset custody system will also be launched for token storage and ledger management.
Against the backdrop of advancing regulations, financial institutions including the Moscow Exchange and VTB are also accelerating their deployment in digital asset-related businesses, as Russia's financial system gradually opens up to the compliant crypto market. (CoinDesk)
