Sberbank Receives Approval to Custody Bitcoin in Russia

Russia’s largest bank, Sberbank, has become the first financial institution in the country to receive regulatory approval to custody Bitcoin and other digital assets.

The Bank of Russia granted Sberbank permission for “digital currency record-keeping” and to facilitate the transfer of such assets, the bank announced on Wednesday. The service will allow customers to conduct cryptocurrency transactions through existing Sberbank platforms like SberBank Online, SberInvestments, and SberBusiness, without requiring new applications.

“For users, this means that digital currency transactions are moving into familiar banking interfaces — complete with standard customer identification, transaction monitoring, and reporting,” the bank stated. The service will initially be rolled out to a limited number of customers before a broader launch.

The approval follows Sberbank’s July announcement of plans to debut a Bitcoin and crypto wallet alongside custody services by December. It also comes after Russian President Vladimir Putin signed a law this month to formalize the regulation of digital currencies and digital rights in the country, though using crypto as a means of payment remains prohibited.