Sberbank, the leading state-owned bank in Russia, is set to launch a cryptocurrency wallet and digital asset depository by December as it prepares for a new digital-asset law anticipated to be enacted by September 1.
Wallet Integration with Banking Apps
The new wallet will be seamlessly integrated into Sberbank Online and SberInvestments mobile applications, enabling over 100 million customers to securely manage authorized tokens without exiting the bank's native platforms. Kirill Tsarev, first deputy chairman of Sberbank, announced the development during an interview with RBC, highlighting the bank's entry into a market that has faced considerable regulatory challenges in recent years.
Legal Framework for Digital Assets
The rollout of the wallet is contingent upon the implementation of the “On Digital Currency and Digital Rights” bill. This legislation aims to regulate licensing for crypto trading and custody, crypto-to-fiat exchanges, and facilitate cross-border settlements. Highlights of the proposed law include:
- A limit on non-qualified investors, who will be permitted to trade under specific conditions, capped at 300,000 rubles annually (approximately $3,800).
- Firms will have until July 1, 2027, to officially register for operating in the digital asset sector.
Tsarev mentioned that the precise launch date will depend on the publication of the finalized legislation and the availability of updated mobile applications in app stores. Android users may access the new interface sooner than iOS users.
Sberbank as an Intermediary
Additionally, Tsarev indicated that under a proposed amendment to the digital-asset law, Sberbank could serve as an intermediary, facilitating Russian traders' access to foreign exchanges. This development could significantly enhance the bank's operational capabilities in the evolving cryptocurrency landscape.
