Sberbank to launch crypto wallet and depository by December

Russia's largest bank, Sberbank, plans to launch a cryptocurrency wallet and a digital asset depository by December, pending the enactment of new national legislation. The services are expected to be integrated into the bank's Sberbank Online and SberInvestments platforms.

The move follows the anticipated implementation of the law "On Digital Currency and Digital Rights," which officials have said could take effect on September 1. First Deputy Chairman of the Bank of Russia Vladimir Chistyukhin provided that timeline, according to reports. Sberbank First Deputy Chairman Kirill Tsarev outlined the bank's plans, stating that as regulation appears, the bank will prepare the service for its clients. He noted the final rollout schedule depends on the publication of the law's final text and the availability of updated mobile applications through app stores.

Under the forthcoming framework, companies will be able to obtain licenses to offer cryptocurrency trading, custody, digital-to-fiat exchange, and cross-border settlement services. Individual investors deemed "non-qualified" will be permitted to operate under testing conditions and an annual limit of approximately 300,000 rubles...