Russia's largest bank Sberbank plans to launch a cryptocurrency wallet service by the end of the year, awaiting the new law to take effect before going live.

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BlockBeats news, July 6 — Russia's largest bank, Sberbank, plans to launch cryptocurrency wallets and digital asset custody services as early as December this year, after the new Digital Currency and Digital Rights Law takes effect on September 1, and integrate them into the Sberbank Online and SberInvestments platforms.

According to the new regulations, Russia will establish a licensing system for crypto trading, custody, fiat currency exchange, and cross-border settlements. The annual trading limit for ordinary investors will be approximately 300k rubles (about $3,800). In addition, major Russian banks such as VTB and T-Bank are also preparing to launch digital asset custody services.

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