Bank of Russia Grants Sberbank License for Bitcoin Custody Services

Key Facts

Sberbank, Russia's largest bank, announced it received approval from the Bank of Russia for digital currency record-keeping and custody. Bitcoin Magazine reported that the authorization allows the bank to facilitate the transfer of digital assets and integrate cryptocurrency transactions directly into its existing platforms, including SberBank Online and SberBusiness, without requiring new applications.

The approval marks a significant shift in Russian regulatory policy, with the bank stating that services will initially be provided to a limited number of customers. Despite this institutional adoption, the use of digital assets as a means of payment or legal tender remains prohibited within Russia since 2022, according to statements from the financial institution.