Russia's largest bank Sberbank will launch a crypto wallet, entering the digital asset market after regulatory approval
Odaily Odaily Planet Daily News Russia's largest bank, Sberbank, plans to launch a cryptocurrency wallet and digital custody services, which are expected to go live as early as December. The services will be integrated into the "Sberbank Online" and "SberInvestments" platforms, pending the official implementation of Russia's upcoming "Digital Currency and Digital Rights Law" in September.
The bill is expected to establish a licensing framework for crypto asset trading, custody, fiat currency exchange, and cross-border settlements, while allowing compliant investors to participate in trading within specified 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 for token storage and ledger management will be launched simultaneously.
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 a compliant crypto market. (CoinDesk)
