Russiaās largest lender, the state-run Sberbank, revealed Thursday that it plans to launch custody services for Russian crypto holdings, according to Reuters. With this step, Sberbank aims to claim a pivotal position in the countryās shifting digital asset space.
Sberbank Responds to Foreign Custody āRiskā in Russia
According to aĀ Reuters report, the announcement follows a more relaxed approach by Russiaās central bank toward digital currencies. The institution supported a law passed last year that allows companies to use crypto for international transactionsāa strategy aimed at sidestepping Western sanctions tied to the Ukraine conflict.
Anatoly Pronin, who heads Sberbankās alternative payment solutions division, said the bank had submitted regulatory suggestions to theĀ central bank. Reuters says that, speaking during a crypto panel, Pronin pointed to the rising number of foreign banks offering custody services as a major influence.
Reutersā report noted that Pronin explained how Sberbank intends to treat crypto assets like traditional deposits, with token protection guaranteed by the bank. Sberbank has already been participating in the central bankās digital ruble trials, which began last year. On June 25, TassĀ reportedĀ that the Bank of Russia shared a rollout plan with the State Duma, mandating banks and retailers to adhere to digital ruble rules starting Sept. 1, 2026.
On the topic of Sberbankās custody service, Gleb Zemskoy, director of blockchain and digital currency development at Insight Finance, highlighted the critical role custodians play. āThe custodian is the backbone of the worldās economy in terms of cryptocurrencies,ā Zemskoy said, also warning that the countryās dependence on overseas private firms presents āa huge riskā for Russia.
The proposals come as Russia continues crafting its digital asset rules. Though the bank itself is involved in various digital currency initiatives, Sberbank CEO German Gref has voiced doubts about the benefits of these developments.