Russia Adds Sberbank to First Regulated Crypto Custody Register

Sberbank has entered Russia’s first register of approved digital depositories, creating a regulated path for the country’s largest bank to offer custody services for crypto assets.

The Bank of Russia admitted five digital depositories and four cryptocurrency-exchange operators to the financial market on Oct. 6 under transitional provisions of a law that took effect Sept. 1. Digital depositories can record and transfer digital currencies and digital rights and provide access to addresses where those assets are held.

Sberbank plans initial products involving Bitcoin (BTC), Ether (ETH) and Tether (USDT) through SberBank Online, SberInvestments and SberBusiness. The bank is targeting Dec. 1 for the first products, but the launch remains conditional on regulatory decisions and supporting rules.

The framework does not authorize domestic crypto payments. Russia continues to prohibit using cryptocurrencies to pay for goods and services inside the country, while allowing regulated transactions and cross-border crypto payments by exporters and importers.

By Sept. 1, 2027, registered firms must meet the framework’s transaction-monitoring and record-retention standards.