Sberbank has received approval from the Bank of Russia to provide custody services for Bitcoin and other digital currencies. The clearance allows Russia's largest bank to record customers' digital currency holdings and support transfers between accounts, marking a concrete step in the country's effort to a regulated framework for crypto services.

Custody — the safekeeping and record-keeping of customer assets on their behalf — is a core banking service, and extending it to Bitcoin brings digital asset holdings inside the supervised banking system. For customers, it means holdings can be recorded and moved through the same institution and oversight that handle their conventional accounts.

The bank said it will offer the new service through its existing online banking platforms rather than a standalone product. Customers will access crypto services through SberBank Online, SberInvestments, and SberBusiness. Sberbank said it does not plan to release a separate app and will first test the offering with a limited group of customers before a wider rollout.

News of the approval circulated widely after Bitcoin Magazine highlighted it on X:

JUST IN: Russia's largest bank Sberbank, has received approval to offer digital asset custody services starting with Bitcoin pic.twitter.com/lbhXspcHtd — Bitcoin Magazine (@BitcoinMagazine) October 7, 2026

Russia Builds Rules for Digital Assets

Russia has moved quickly to establish a system for crypto trading and custody. President Vladimir Putin signed a law this month covering digital currencies and digital rights. The development follows broader changes in global crypto custody rules, including the US SEC crypto custody proposal released last week.

The Bank of Russia also published draft rules for crypto trading in July. Lawmakers in the State Duma have worked on broader digital asset rules throughout 2026. Together, these measures set standards for banks, exchanges, and firms that want to offer crypto services inside the country, underscoring how quickly Russian authorities have moved to formalize the market. Sberbank's clearance arrives against that backdrop, tying its launch plans to a rulebook that is still taking shape.

Bank Keeps Crypto Inside Existing Platforms

Sberbank first announced plans in July to launch a Bitcoin and crypto wallet by December, alongside planned digital asset custody services. The latest approval moves those plans closer to launch while keeping customer access inside platforms that already rely on bank identity checks and transaction monitoring. By embedding custody into its current infrastructure, the bank intends to keep digital asset activity within the same oversight framework it applies to conventional banking operations. The December wallet target now serves as the first checkpoint for whether the limited test group expands into the promised wider rollout.

Other financial firms are also seeking regulated ways to handle digital assets. Rain's federal trust bank application in the United States is one recent example. Sberbank, however, will operate under Russian rules and will begin with a controlled rollout before expanding access.

Crypto Payments Remain Banned in Russia

The approval does not permit customers to use Bitcoin or other cryptocurrencies as legal payment inside Russia. Russian law has banned crypto payments since 2022. In practice, that split means approved customers can hold digital assets and transfer them between accounts, while using them to pay for goods and services remains prohibited. At the same time, firms continue moving closer to traditional finance, with the OKX expansion beyond crypto trading showing a similar push elsewhere.

Sberbank can now provide custody and transfer services within Russia's new regulatory structure. The bank said customers will use familiar banking tools rather than separate crypto products. President Putin has previously said Bitcoin cannot be stopped, while Russian authorities continue building rules around how individuals and companies may use digital assets.