Russia's largest bank, Sberbank, will launch a crypto wallet, entering the digital asset market after regulatory approval

Odaily Odaily News Russia's largest bank, Sberbank, plans to launch a cryptocurrency wallet and digital custody service, expected to go live as early as December. The relevant services will be integrated into the "Sberbank Online" and "SberInvestments" platforms, subject to Russia's upcoming "Digital Currency and Digital Rights Law" taking effect in September.

The bill is expected to establish a licensing framework for crypto asset trading, custody, fiat exchange, and cross-border settlements, while allowing compliant investors to participate in transactions within set limits.

Sberbank stated that users will be able to directly access authorized crypto assets within the bank's application, and a digital asset custody system will be launched simultaneously for token storage and ledger management.

Against the backdrop of advancing regulation, financial institutions including Moscow Exchange and VTB are also accelerating their layouts in digital asset-related businesses. Russia's financial system is gradually opening up to the compliant crypto market. (CoinDesk)