Sberbank Moves to Dominate Russia’s Crypto Custody Sector

Sberbank, Russia’s largest state-owned bank, is preparing to launch custody services for digital assets, marking a significant expansion into the country’s evolving crypto landscape.

The initiative positions the bank as a key player in Russia’s push to develop a regulated digital asset ecosystem amid shifting regulatory attitudes.

Anatoly Pronin, Executive Director of Sberbank’s Alternative Payment Solutions Department, confirmed the bank has submitted proposals to the Central Bank of Russia. He argued that crypto holdings should be treated similarly to traditional bank assets, with secure custody and compliance measures. The custody service will allow token storage, prevent misuse, and enhance user protection—all under domestic regulatory oversight.

Regulatory Momentum and Strategic Timing

The move follows a major policy shift by the Central Bank of Russia, which recently endorsed the use of cryptocurrencies in international trade. Officials see digital assets as tools to circumvent Western sanctions and promote domestic financial resilience.

Custody services are viewed as critical infrastructure. Gleb Zemskoy of Insight Finance noted that leaving custody to foreign firms poses national security risks. By creating a local solution, Sberbank aims to increase transaction transparency, freeze suspicious assets when necessary, and reduce dependence on external providers.

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Digital Ruble Rollout Sparks Mixed Reactions

In parallel, Russia’s parliament has approved a bill to formally introduce the digital ruble starting September 1, 2026. Large merchants will be required to accept it initially, followed by mid-sized firms in 2027 and small businesses in 2028. The rollout includes a government-run QR code payment system via the Mir network.

Despite the government’s backing, skepticism remains. A recent VTsIOM poll revealed that 51% of Russians are hesitant to adopt the digital ruble, with concerns ranging from surveillance to lack of understanding. Only 7% of respondents said they felt well-informed about the CBDC plan.

The bill still awaits approval from the Federation Council and President Vladimir Putin, though both steps are expected to be procedural. Officials hope that the phased introduction and mandated infrastructure will accelerate adoption and reduce transaction costs nationwide.

Kosta Gushterov

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.