Sberbank Enters the Crypto Asset Market: A New Stage of Regulation in Russia
Sberbank Prepares to Become a Custodian of Cryptocurrencies
July 17, 2025, Moscow — The largest bank in Russia, PJSC Sberbank, announced its intention to provide crypto asset custody services for Russian clients, striving to take a leading position in the development of digital assets in the country, according to Reuters. The bank’s initiative is linked to the development of proposals for the regulation of the cryptocurrency market directed at the Central Bank of Russia.
According to Anatoly Pronin, Executive Director of Sberbank's Alternative Payment Solutions Division, the bank sees potential in providing custody services in line with global trends where leading financial institutions, including banks in the USA and the UK, are actively implementing such services. Sberbank's proposal aims to create a regulated environment similar to bank accounts, ensuring the safety and transparency of operations with crypto assets.
Regulation of Crypto Assets: A Step Towards Transparency
Sberbank proposes introducing regulation where the bank will accept cryptocurrency tokens from clients, guaranteeing their safety and compensating for potential losses in the event of hacking or loss of assets. This will allow for minimizing risks for users associated with cryptocurrency volatility and cyber threats. Additionally, the bank is ready to provide data on clients and their transactions to Rosfinmonitoring, including information on asset movements both on-chain and off-chain. This complies with the requirements of currency control legislation and anti-money laundering.
The Central Bank of Russia, which previously held a tough stance on cryptocurrencies, has softened its policy. In 2024, a law was passed allowing the use of digital assets in international trade to bypass Western sanctions. This created a foundation for the further development of the crypto market in Russia, including custody services.
The Importance of Custody Services for the Market
Gleb Zemskoy, Director of Blockchain and Digital Currency Development at Insight Finance, emphasized the importance of custody services for the cryptocurrency market. “Custodian is the basis of the global economy in terms of cryptocurrencies. Currently, this market is under the control of foreign companies, which creates significant risks for Russian users,” he noted. The transition to local custody services can reduce dependence on foreign platforms and increase the security of assets.
According to the Central Bank of Russia, the volume of crypto asset flows attributed to Russians exceeds 7 trillion rubles, indicating significant interest in digital assets. At the same time, Russians often use foreign services for storing cryptocurrencies, which is associated with the risk of losing access to assets due to sanctions or other restrictions.
Prospects and Challenges
Sberbank’s initiative opens a new chapter in the development of the cryptocurrency market in Russia. The introduction of regulated custody services could contribute to the legalization and popularization of digital assets and attract institutional investors. However, the success of this initiative will depend on agreement with the Central Bank and the development of clear legislative frameworks.
Experts note that regulation should take into account the risks of cryptocurrency volatility and cyber threats, as well as ensure a balance between transaction transparency and user rights protection. With significant experience in ensuring financial transaction security, Sberbank could become a key player in forming the new ecosystem of the cryptocurrency market in Russia.