According to Bitcoin Magazine, Russia’s largest bank, Sberbank, has been given approval to custody bitcoin. This marks the first time a Russian financial institution has received such authorization in the country.
Sberbank announced the development and confirmed it is now able to hold bitcoin on behalf of clients or other parties under applicable regulatory frameworks. The announcement indicates that formal approval—likely from relevant financial regulators—has been issued, allowing Sberbank to perform custody functions for the cryptocurrency.
No details were provided regarding the scope of custody services, storage methods, regulatory conditions applied, timing of service rollout, or whether other banks have undergone similar review processes. The statement does not mention timelines for operational implementation or testing phases.
The approval comes amid ongoing discussions about digital asset regulation in Russia. Sberbank’s status as the country’s largest bank underscores the significance of the development from a systemic financial perspective, though no further commentary from regulators or Sberbank was included in the report.
