Sberbank Prepares for Crypto Wallet Launch Amid New Regulations

Russia's biggest bank, Sberbank, is preparing to introduce a crypto wallet and digital asset depository once new digital asset regulations come into force on September 1. The Sberbank crypto wallet will be added to its mobile apps, with Android users potentially receiving the updated interface earlier than iPhone users due to different store approval processes.

The launch of the Sberbank crypto wallet will depend on the final version of the legislation and the availability of the updated app through online stores. The bank is also considering participating in transactions with cryptocurrencies on foreign exchanges, pending the adoption of proposed changes in legislation and regulations in Russia and abroad.

Sberbank's efforts are part of a wider digital assets initiative by the bank, which has already issued over 160 digital asset issuances on its platform. The new law is expected to be applied to crypto custody, trading, and cross-border settlements, with major banks, including VTB and T-Bank Group, planning to create digital asset depositories following its passage.