Russia's Largest Bank Sberbank Plans to Launch Compliant Crypto Wallet and Custody Services Within the Year

CoinFeed July 6 news, according to CoinDesk report, Russia's largest bank Sberbank plans to launch cryptocurrency wallet and digital custody vault before December, provided that the 'Digital Currency and Digital Rights Bill' officially takes effect in September. The service will be integrated into the 'Sberbank Online' and 'SberInvestments' applications, providing customers with an entry point to access authorized crypto assets within the banking system. The new law will establish a licensing framework for crypto trading, custody, fiat exchange and cross-border settlements, with a trading limit for unqualified investors of approximately 300,000 rubles (about $3,800) per year. Other large banks including VTB and T-Bank are also preparing related digital custody businesses.