Sberbank, the largest financial institution in Russia, has received official approval from the Bank of Russia to provide digital asset custody services. The authorization allows the bank to facilitate the transfer of digital assets and perform record-keeping for Bitcoin and other cryptocurrencies.
The bank plans to integrate these services directly into its existing platforms, including SberBank Online, SberInvestments, and SberBusiness. Customers will not need to download new applications, as the bank intends to maintain standard procedures for user identification, transaction monitoring, and reporting.
A limited number of customers will gain access to these features during the initial rollout phase. This development follows the signing of a new law by President Vladimir Putin regarding the regulation of digital currencies and digital rights in the country.
Despite these regulatory updates, the use of digital assets as a legal tender or a means of payment remains prohibited in Russia, with such restrictions in place since 2022. The bank previously announced its intentions to develop a crypto wallet and custody services in July.
