Russia’s Sberbank Seeks Green Light for Crypto Custody Amid Regulatory Push

Sberbank, Russia’s largest state-owned lender, announced its intention to offer custody services for cryptocurrency assets, according to a Reuters report on July 17.

The bank’s plan reflects a growing acceptance of crypto within the country, as government institutions reconsider their earlier hardline stance.

Anatoly Pronin, executive director of Sberbank’s alternative payment solutions division, revealed that proposals have already been submitted to the central bank outlining how crypto custody could be introduced under existing financial structures, Reuters reports.

The proposals suggest treating digital assets similarly to traditional bank-held funds, offering both user protection and legal control. If approved, these custody services would allow tokens to be frozen upon request by law enforcement, while also reducing transaction complexity and lowering vulnerability to hacks.

Geopolitical Pressures Drive Regulatory Recalibration

Russia’s stance on digital currencies has been shifting in light of sanctions from Western governments tied to the conflict in Ukraine.

Last year, the central bank backed legislation allowing the use of cryptocurrencies in cross-border trade, a sharp turn from its previous resistance. This pivot is seen as a way for the Russian economy to circumvent international financial restrictions.

By building internal infrastructure for digital asset transactions, including custody solutions, Russian institutions are working to reduce dependence on foreign crypto firms.

Gleb Zemskoy, director of blockchain development at Insight Finance, stressed the importance of local custody options, stating that no fund or serious user could operate without one, Reuters reports.

He warns of the dangers of relying on international custodians, which could introduce exposure to foreign jurisdiction risks.

A Domestic Custodian for a Global Market

The central role of custodians in the digital finance world is becoming increasingly apparent. With the custody market currently dominated by private firms based outside of Russia, local entities like Sberbank are positioning themselves to fill that void domestically.

Zemskoy describes custodians as the “backbone” of the digital economy, emphasizing the urgency of Russia developing its own infrastructure.

Sberbank’s ambition is not only to safeguard clients’ tokens but to integrate crypto asset handling into the country’s broader financial network. If approved, the bank’s initiative could make it easier for businesses and consumers in Russia to conduct crypto transactions with greater trust and regulatory protection.

Russian Lawmakers Pass Digital Ruble Bill

Earlier this week, Russian lawmakers voted in favour of a digital ruble bill that mandates a September 2026 rollout for the CBDC. Per the state-run news agency TASS, the Duma has adopted a law on the “gradual introduction” of the digital ruble, beginning next year.

Lawmakers voted in favor of the bill in its second and third readings. The bill will now pass to the Russian upper house, the Federation Council, for approval.

The bill will then pass on to President Vladimir Putin, who will officially sign the bill into law. These two steps are mere formalities, however, with the law slated to come into force on September 1, 2026.

This is the central bank’s new date for a nationwide rollout, following its last-gasp decision to postpone its summer 2025 CBDC launch plans.