Russia’s biggest bank, Sberbank, announced on Thursday that it will start offering custody services for cryptocurrency assets. The move comes as the bank looks to take a leading role in the country’s growing digital asset market.
Sberbank sent formal proposals to Russia’s central bank on how to regulate and safeguard crypto holdings. By doing so, it hopes to ensure the safety of tokens and make digital transactions smoother.
Central Bank Shifts Stance
Until recently, Russia’s central bank had been strongly against cryptocurrencies. Last year, however, it supported a law allowing businesses to use digital coins in trade deals.
That change was driven in part by the need to work around Western sanctions tied to Russia’s conflict in Ukraine. The new legal framework opened the door for banks like Sberbank to enter the field.
Plans for Custody Services
Anatoly Pronin, who leads Sberbank’s alternative payment solutions division, said the bank wants crypto assets regulated in much the same way as traditional bank accounts.
Under the bank’s proposals, clients’ tokens would be stored securely in dedicated vaults. That system would also allow law enforcement to freeze assets if there is suspicion of illegal activity. At the same time, it would protect accounts from hacking and theft.
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Industry Reactions
Experts say custody services are vital for the wider adoption of cryptocurrencies. Gleb Zemskoy, director of blockchain technology and digital currencies at Insight Finance, noted that no major investor or fund can operate safely without a reliable custodian.
Right now, most custody services in Russia are run by private foreign firms. Zemskoy warned that this reliance on outsiders poses a large risk to the national economy.
New Bond Offer Tied to Bitcoin
Alongside its custody plans, Sberbank introduced a fresh bond product linked to Bitcoin’s price and the dollar‑to‑ruble exchange rate.
Qualified investors can earn returns based on how Bitcoin moves against the US dollar and how the dollar shifts versus the ruble. The structure aims to give investors exposure to both cryptocurrency volatility and foreign exchange trends.
Smooth Process and Clear Rules
Sberbank believes that clear rules will help boost trust in digital assets. Pronin emphasised that a formal custody framework would reduce doubts among businesses and individuals.
He pointed out that many banks in other countries have already begun offering similar services. By sending its proposals to the central bank now, Sberbank hopes regulators will move quickly to approve new guidelines.
Potential Impact on the Market
If approved, Sberbank’s custody services could reshape Russia’s crypto landscape. Local firms might move away from foreign custodians.
Retail investors could also feel more confident in buying and holding digital tokens. The new bond issue may further attract those seeking ways to integrate crypto exposure with traditional finance.
As Sberbank awaits a response from the central bank, market observers will watch for official regulations. The bank’s push into custody and its innovative bond product suggest that it is serious about driving Russia’s digital asset sector forward.
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