Sberbank Receives Approval to Offer Bitcoin Custody in Russia

Sberbank Gains Custody Approval

Sberbank, Russia’s largest financial institution, has been granted permission to provide custody services for Bitcoin, marking a significant step in the country’s evolving digital asset regulatory framework. The Bank of Russia approved the “digital currency record-keeping” and transfer facilitation on Wednesday, extending the approval to Bitcoin and select altcoins.

According to a bank statement, customers will be able to execute cryptocurrency transactions through existing Sberbank platforms – SberBank Online, SberInvestments, and SberBusiness – without the need for new applications. The bank emphasized that this integration will bring standard banking security measures, including customer identification and transaction monitoring, to digital asset operations.

The initial rollout will be limited to a select group of customers before broader availability. Sberbank initially announced plans in July to launch a Bitcoin and crypto wallet alongside custody services, targeting a December release. This approval fulfills part of that commitment.

Despite these developments, Russia maintains a ban on using cryptocurrencies for direct payments or as legal tender, a prohibition that has been in place since 2022. However, President Putin has previously acknowledged the difficulty of suppressing Bitcoin, stating it “can’t be stopped.” The recent regulatory moves suggest a shift toward controlled integration of digital assets into the Russian financial system.

Source: Bitcoin Magazine