Sberbank Prepares Cryptocurrency Wallet Launch Pending Russia's Digital Rights Law

Sberbank, Russia's largest bank, is preparing to launch a cryptocurrency wallet for its clients. The service could become available as early as December, pending the adoption of a law on digital currency and digital rights. According to Kirill Tsaryov, users of Sberbank Online and SberInvestments will be among the first to receive access to permitted cryptocurrencies.

The launch of the wallet depends on the implementation of the law, which is expected to come into force on September 1. In addition to the wallet, Sberbank plans to introduce a digital depository for storing and accounting for crypto assets within the banking system.

Mandatory registration will be introduced for crypto market participants, and without a license, it will not be possible to exchange digital assets, provide storage services, or conduct settlements with foreign partners. Ordinary investors will have limited access, with an experimental mode and a limit of about 300 thousand rubles per year planned.