Sberbank, Russia’s largest bank, plans to add a crypto wallet and digital depository to its Sberbank Online and SberInvestments platforms by December.

The rollout depends on a draft digital-currency law that has passed first reading and still needs further approvals, so the expected Sept. 1 start date is provisional.

The bill would route crypto activity through licensed intermediaries such as exchanges, brokers, and depositories.

It would keep Russia’s ban on domestic crypto payments while allowing digital currencies for foreign trade and cross-border settlements.

For retail users, non-qualified investors would need to pass testing, face a 300,000-ruble annual purchase limit through a single intermediary, and be allowed to buy only digital currencies on a Bank of Russia-approved list.

The move would expand Sberbank’s existing digital-asset business.

The bank received a central bank license in 2022 for a platform that issues and exchanges tokenized traditional assets, not cryptocurrencies.

Other Russian financial institutions are preparing similar services. VTB and T-Bank also plan to launch digital depositories after the law takes effect.

🔗 Source: CoinDesk