Sberbank plans to offer crypto custody services to support rising demand for secure digital asset storage.
Russia’s central bank supports new rules allowing crypto use in trade to reduce pressure from Western sanctions.
Sberbank launched a Bitcoin-linked bond and plans more crypto products through its local investment platform.
Sberbank, Russia’s largest state-owned bank, has announced plans to offer cryptocurrency custody services. The bank aims to play a central role in developing Russia’s digital asset infrastructure. This move reflects rising domestic interest in digital assets such as Bitcoin and stablecoins.
https://twitter.com/unocrypto_com/status/1946104810320920626
The decision comes as Russia's central bank signals a shift in policy. Recent support for legislation now allows businesses to use digital currencies in international trade. This legislation seeks to ease the impact of Western sanctions tied to the conflict in Ukraine.
Sberbank’s new initiative responds to growing demand for secure storage and transaction support. The bank has submitted proposals to the central bank for regulating crypto custody. These proposals treat digital assets similarly to traditional bank accounts.
Focus on Security and Regulatory Oversight
Under the plan, Sberbank will serve as a custodian. It will safeguard digital assets and ensure compliance with national regulations. The bank intends to offer robust protections against hacking and unauthorized access.
The custody platform will also include mechanisms to freeze assets. This action will be permitted when law enforcement agencies suspect illegal activity. The goal is to increase security and build public confidence in crypto transactions.
Sberbank emphasized that local control over custody is critical. Many existing custodians are foreign private firms, raising national security concerns. The bank’s service would operate entirely within Russian jurisdiction and infrastructure.
Expansion of Digital Investment Products
On June 2, Sberbank launched a structured bond linked to Bitcoin performance. The bond also factors in the USD-to-ruble exchange rate. It offers returns based on the price movements of Bitcoin and the strength of the dollar.
This product targets qualified investors seeking exposure to crypto without direct ownership. All transactions are processed in rubles. The offering complies with national financial and legal frameworks.
The bank plans to introduce more investment products through its Sber Investments platform. These include similar structured offerings and a Bitcoin futures product. The products will be listed on the Moscow Exchange under updated national rules.
Strategic Shift in Russia’s Crypto Approach
The custody services offered by Sberbank represent a change in strategy in the Russian approach to cryptocurrencies. The step is consistent with the changing governmental approach to digital finance. The central bank has now relaxed measures that had previously restricted crypto use in the country. Meanwhile, the country is set to launch a crypto exchange for wealthy clients.
The growing number of banks worldwide offering crypto custody prompted Sberbank to act. Its goal is to ensure Russia does not lag in digital finance innovation.
With government support, Sberbank’s initiative may help localize crypto infrastructure. It also reduces dependence on foreign service providers and strengthens Russia’s financial independence in the digital era.
