Sberbank Eyes Crypto Custody Amid Russia’s Digital Pivot

• Sberbank to launch crypto custody, reinforcing Russia’s shift to digital finance control.
• Central bank backs crypto use in trade, easing restrictions amid global sanctions pressure.
• Domestic custody aims to cut reliance on foreign firms and secure Russia’s crypto assets.

Sberbank, Russia’s largest state-owned lender, has announced plans to introduce cryptocurrency custody services. This strategic move positions the bank as a central player in Russia’s evolving digital asset infrastructure. The development aligns with recent regulatory shifts by the Bank of Russia, which has taken a more supportive stance toward crypto assets. The bank’s custody initiative underscores a broader state-driven effort to enhance financial resilience and innovation.

The announcement comes amid growing demand for secure crypto services across Russia. As geopolitical tensions persist, digital currencies are increasingly viewed as tools to maintain global financial engagement. Sberbank’s planned services aim to safeguard clients’ digital assets and improve transaction security. The initiative is also intended to align the country’s financial system with global crypto trends.

Central Bank Eases Restrictions on Digital Assets

Russia’s central bank has gradually shifted its approach to cryptocurrencies, signaling regulatory flexibility. In 2023, the central bank backed legislation permitting the use of crypto in international trade. This law allows Russian companies to transact using bitcoin and other digital currencies to bypass Western financial restrictions.

The change reflects the country’s strategy to use decentralized assets for economic continuity amid sanctions linked to the Ukraine conflict. Sberbank’s crypto custody plans directly respond to this evolving regulatory environment. Executive Director Anatoly Pronin confirmed that proposals have been submitted to the central bank. These proposals aim to regulate digital assets similarly to traditional banking services.

Under the new framework, Sberbank would act as a licensed custodian for digital tokens. The bank would guarantee asset safety while adhering to national laws. Pronin stated that crypto assets could be frozen if suspected of involvement in illegal activity. This approach aligns with law enforcement protocols and enhances regulatory oversight.

Strengthening Domestic Crypto Infrastructure

Sberbank’s entry into the crypto custody space marks a significant shift in Russia’s financial infrastructure. The bank seeks to reduce dependence on foreign custody providers, which currently dominate the global market. Gleb Zemskoy, Director at Insight Finance, highlighted the risks of relying on overseas custodians. He emphasized the strategic importance of establishing secure, local custody solutions for digital currencies.

According to Sberbank, custody services are essential for protecting client assets from hacking and unauthorized access. The bank’s infrastructure will process transactions entirely in rubles, complying with domestic legal requirements. This integration ensures transparency and legal continuity within Russia’s jurisdiction. Sberbank aims to provide a secure environment for both retail and institutional investors.

The bank’s broader digital finance initiatives include participation in the digital ruble pilot program. In June, Sberbank launched a structured bond linked to Bitcoin’s price and the USD-ruble exchange rate. This investment product allows qualified investors to gain exposure to crypto performance while remaining within regulated financial frameworks. It represents a step toward mainstream adoption of crypto-related financial products in Russia.

Geopolitical and Economic Implications

The initiative of Sberbank follows Russia’s efforts to find financial instruments to move forward in an unfavorable geopolitical environment. An alternative to traditional payment systems is the possibility of using crypto to conduct cross-border trading. With Western sanctions limiting Russia’s access to international financial markets, digital currencies provide a loophole.

Providing controlled custody services, Sberbank contributes to updating the financial system and thereby strengthening the state’s control over crypto assets. The migration is also in line with national expectations to enhance digital sovereignty and economic resilience. The country is also gearing up to become part of the global progress toward digital finance, as more countries consider central bank digital currencies and crypto regulations.

In pursuit of the custody services, Sberbank is also followed by the articulation of plans regarding the rollout of digital rubles by the central bank. Beginning in September 2026, new regulations on digital currencies will be mandatory for all retailers and banks in Russia. The given development represents a wider commitment of the country to including digital assets in the national economy. 

As the regulation and infrastructure are in place, Russia is heading to a more comprehensive approach to the digital financial ecosystem. The crypto custody project by Sberbank is one step closer in this direction.