Russia’s Sberbank Given Green Light to Custody Bitcoin
Bitcoin Magazine Russia’s Sberbank Given Green Light to Custody Bitcoin Russia’s largest bank has announced it is the first in the country to have been approved to custody bitcoin. Sberbank said in an announcement Wednesday that the Bank of Russia gave the company the green light for “digital curren
Russia's largest state-owned bank, Sberbank, has become the first financial institution in the country to receive regulatory approval to custody bitcoin. The Bank of Russia granted the company authorization for "digital currency record-keeping" as well as the facilitation of digital asset transfers, according to an official announcement made by Sberbank on Wednesday. The approval covers bitcoin alongside a range of smaller digital currencies.
The development marks a notable shift in Russia's approach to digital assets. The country has historically maintained an ambiguous and at times hostile stance toward cryptocurrencies, with prolonged debates between regulators and lawmakers over how to classify and govern them. The Bank of Russia has previously advocated for strict restrictions on crypto-related activities, making this authorization to a major state institution a significant regulatory milestone.
The move signals a potential broader opening of Russia's traditional banking sector to digital asset services. With Sberbank — an institution deeply embedded in the Russian financial system — now able to offer crypto custody, other domestic banks may look to pursue similar approvals. This could accelerate the integration of digital assets into Russia's regulated financial infrastructure and draw increased attention from institutional participants operating in the region.
Observers will be watching whether additional Russian banks seek comparable licenses in the near term, and whether Sberbank moves to expand its digital asset offerings beyond custody and transfer services.
Source: Bitcoin Magazine
