Russia’s largest lender, Sberbank, is preparing to launch cryptocurrency custody services as the country moves closer to introducing a comprehensive legal framework for digital assets.
The bank has submitted proposals to the Bank of Russia that would allow traditional financial institutions to provide custody and wallet services for cryptocurrencies. If approved, Sberbank aims to offer secure storage for digital assets through its existing banking infrastructure.
The planned service would position Sberbank as one of the first major Russian banks to integrate cryptocurrency custody into its product offerings. The initiative comes as Russian regulators continue working on legislation that will define how banks and financial institutions can participate in the country’s growing digital asset market.
Under the proposed framework, banks would be responsible for safeguarding customers’ crypto holdings while complying with regulatory requirements related to asset security, anti-money laundering measures, and transaction monitoring. Sberbank has indicated that regulated custody services could provide an additional layer of protection for users while improving confidence in the broader digital asset ecosystem.
The move reflects Russia’s gradual shift toward establishing a regulated cryptocurrency market. While digital assets remain prohibited as a means of domestic payment, authorities have increasingly supported their use in investment products and cross-border transactions under regulated conditions.
Sberbank has been expanding its presence in digital finance over the past several years. The bank already operates digital financial asset services and blockchain-based investment products, making cryptocurrency custody a natural extension of its existing digital asset strategy.
A regulated wallet service could also create new opportunities for both retail and institutional investors seeking secure storage through a traditional banking provider. Banks entering the crypto custody market may help bridge the gap between conventional financial services and digital assets as regulatory clarity improves.
The development comes as financial institutions worldwide continue expanding their crypto offerings in response to growing institutional adoption. Several global banks have introduced digital asset custody, tokenized investment products, and blockchain-based financial services as demand for regulated crypto infrastructure increases.
Russia’s upcoming legislation is expected to establish clearer rules governing digital asset ownership, custody, and trading, creating a legal foundation for banks to participate more actively in the sector. Once the regulatory framework is finalized, Sberbank’s proposed wallet service could become one of the country’s first large-scale banking solutions for cryptocurrency storage.
The initiative highlights the increasing role traditional financial institutions are expected to play in the evolution of digital asset markets as governments continue developing regulatory frameworks for the industry.
