Russia's largest bank Sberbank to launch crypto wallet, expanding into digital asset market after regulatory green light
Odaily Planet Daily News: Russia's largest bank, Sberbank, plans to launch a cryptocurrency wallet and digital custody services, with the earliest launch expected in December. The relevant services will be integrated into the "Sberbank Online" and "SberInvestments" platforms, provided that Russia's upcoming "Digital Currency and Digital Rights Law" takes effect in September.
The bill is expected to establish a licensing framework for cryptocurrency asset trading, custody, fiat currency exchange, and cross-border settlements, while also allowing compliant investors to participate in transactions within specified limits.
Sberbank stated that users will be able to directly access authorized crypto assets within the bank's application, and it will simultaneously launch a digital asset custody system for token storage and ledger management.
Against the backdrop of advancing regulation, 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)
