Sberbank, Russia’s largest commercial bank, has announced it is the first in the country allowed to provide Bitcoin custody services for clients. The move comes after Sberbank received official approval from the Bank of Russia, the country’s central bank, to conduct digital currency record-keeping and facilitate the transfer of cryptocurrencies.
Regulatory milestone for Russia’s banking sector
The Bank of Russia gave Sberbank permission for digital currency custody, including support for Bitcoin and select other cryptocurrencies. With this regulatory clearance, Sberbank is now able to hold and transfer digital assets on behalf of customers, integrating these services into its existing digital banking platforms.
Sberbank stated that clients will be able to carry out digital asset transactions through SberBank Online, SberInvestments, and the SberBusiness banking platform. No new applications or separate platforms will be launched for this purpose.
For users, this means digital currency transactions are moving into familiar banking interfaces, where all operations will be subject to standard customer identification, transaction monitoring, and detailed reporting.
The bank noted that the custody service will first be made available to a limited group of customers before a broader rollout takes place.
Sberbank previously announced its intention to launch a crypto wallet and custody services for digital assets by the end of the year, signaling its readiness to embrace regulated crypto products. Russia’s State Duma has also moved forward on comprehensive digital asset legislation this year, while the central bank released draft rules in July covering crypto trading.
Mini dictionary: Sberbank is Russia’s largest financial institution and is majority-owned by the Russian government. It plays a leading role in the Russian banking sector, serving millions of corporate and individual clients.
Crypto remains banned for payments inside Russia
Russia recently took significant steps to clarify its legal framework for digital currencies. Earlier this month, President Vladimir Putin signed new laws on digital currencies and digital rights, formalizing regulations for crypto assets in the country.
Despite the shift toward regulation and custody, using digital assets such as Bitcoin as a form of payment or as legal tender remains strictly prohibited in Russia. The government banned crypto as a payment method in 2022, limiting digital asset transactions to investment and custody solutions.
Customers will be able to conduct cryptocurrency transactions via SberBank Online, SberInvestments, and the SberBusiness platform, with all activity subject to regulatory oversight and compliance checks.
President Putin has previously spoken supportively about the potential of Bitcoin, once remarking that no authority can stop its progress globally.
| Aspect | Before Approval | After Approval |
|---|---|---|
| Digital asset custody | Not permitted for Russian banks | Permitted for Sberbank |
| Customer access to crypto services | Limited, mostly unregulated | Enabled through official banking platforms |
| Crypto as legal payment | Banned | Still banned |
