Sberbank Aims to Lead Russia’s Crypto Custody Market Amid Regulatory Shifts

Sberbank, Russia's largest state-owned bank, is positioning itself as a dominant force in the country's digital asset custody sector. The bank has submitted proposals to the Central Bank of Russia to treat crypto holdings with the same safeguards as traditional bank assets, emphasizing secure storage and regulatory compliance.

The MOVE aligns with Russia's broader strategy to harness cryptocurrencies for international trade, particularly as a tool to mitigate Western sanctions. Anatoly Pronin of Sberbank highlighted the custody service's role in preventing misuse and enhancing user protection under domestic oversight.

Industry experts like Gleb Zemskoy argue that local custody solutions are critical for national security, reducing reliance on foreign providers while improving transaction transparency. Sberbank's initiative reflects a calculated effort to shape Russia's evolving digital asset ecosystem.