Russia's largest bank, Sberbank, plans to launch a cryptocurrency wallet service by the end of the year, pending the enactment of new legislation.

BlockBeats News, July 6th – Russia's largest bank, Sberbank, plans to launch a cryptocurrency wallet and digital asset custody service as early as December this year, following the implementation of the new digital assets law, the "Digital Currency and Digital Rights Act," on September 1st. The services will be integrated into the Sberbank Online and SberInvestments platforms.

According to the new regulations, Russia will establish a licensing system for cryptocurrency exchanges, custody, fiat-to-crypto exchange, and cross-border settlements. The annual transaction limit for retail investors is set at around 300,000 rubles (approximately $3,800). In addition, other major Russian banks such as VTB and T-Bank are also preparing to launch digital asset custody services.