Sberbank Prepares Cryptocurrency Wallet Amid Regulatory Progress

Sberbank, Russia's largest bank, is preparing to launch a cryptocurrency wallet for its clients. The service could be available as early as December if regulatory adoption is completed on time. According to Kirill Tsaryov, users of Sberbank Online and SberInvestments will be the first to receive access to permitted cryptocurrencies through these services.

The launch of the crypto wallet depends on the law 'On Digital Currency and Digital Rights,' which could come into force on September 1. In addition to the wallet, Sberbank plans to introduce a digital depository responsible for storing and accounting for crypto assets within the banking system.

As part of these regulatory developments, mandatory registration will be introduced for crypto market participants, limiting access to unqualified investors. An experimental mode with a limit of about 300 thousand rubles per year is planned for ordinary investors. Crypto companies will have until July 1, 2027, to enter the official register.