Sberbank Seeks to Affirm Its Position in the Digital Asset Space, Aiming to Reduce Dependence on Foreign Service Providers.
Sberbank, the state-owned bank and largest financial institution in Russia, has announced plans to implement custody services for domestic users' crypto assets. This move occurs against the backdrop of Russia actively building independent financial infrastructure to minimize risks from international sanctions and consolidate sovereignty in the digital asset domain.
According to a Reuters report, Sberbank's proposal comes as the Central Bank of Russia adopts a more open attitude towards cryptocurrency. The agency supported a law passed last year, allowing enterprises to use crypto in international transactions as a strategy to avoid Western sanctions related to the conflict in Ukraine.
Mr. Anatoly Pronin, head of Sberbank's alternative payment solutions department, stated that the bank has submitted regulatory proposals to the Central Bank. Speaking at a crypto discussion panel, Mr. Pronin emphasized that the increasing number of foreign banks offering custody services significantly influenced this decision.
Custody Model Similar to Traditional Deposits
Sberbank intends to process crypto assets similarly to traditional deposits, with a commitment to protect Tokens guaranteed by the bank itself. This approach reflects the financial institution's efforts to integrate blockchain technology into its existing service ecosystem while ensuring compliance with domestic legal regulations.
Sberbank is currently participating in digital ruble experiments launched by the Central Bank last year. On June 25, the Tass news agency reported that the Central Bank of Russia shared plans to implement the digital ruble with the State Duma, requiring banks and retailers to comply with digital currency regulations starting September 1, 2026.
Mr. Gleb Zemskoy, blockchain and digital currency development director at Insight Finance, emphasized the essential role of custody organizations in the crypto ecosystem. According to Mr. Zemskoy, custody organizations are the backbone of the global economy from a cryptocurrency perspective, while warning that dependence on foreign private companies poses significant risks for Russia.
These proposals are being made as Russia continues to build a comprehensive legal framework for digital assets. Although Sberbank participates in numerous cryptocurrency-related initiatives, CEO German Gref remains skeptical about the practical benefits of these developments.
