Svmuu News: Sberbank, Russia’s largest bank, plans to launch a cryptocurrency wallet and digital custody services, which are expected to go live as early as December. These services will be integrated into the “Sberbank Online” and “SberInvestments” platforms, provided that Russia’s upcoming “Law on Digital Currencies and Digital Rights” officially takes effect in September.
The law is expected to establish a licensing framework for the trading, custody, fiat currency exchange, and cross-border settlement of crypto assets, while allowing compliant investors to participate in trading subject to certain limits.
Sberbank stated that users will be able to access authorized crypto assets directly within the bank’s app, and that a digital asset custody system for token storage and accounting management will be launched simultaneously.
Against the backdrop of regulatory progress, financial institutions including the Moscow Exchange and VTB are also accelerating their expansion into digital asset-related businesses, and Russia’s financial system is gradually opening up to the compliant crypto market. (CoinDesk)