Sberbank Proposes Onshore Crypto Custody for Bitcoin
Sberbank has submitted a regulatory proposal to offer onshore crypto custody services for Bitcoin and other digital assets. The plan repatriates private keys to secure Moscow data centers, employing multi-layer encryption, cold wallets and account freeze capabilities. Operating under formal banking rules, the service will provide legal safeguards, theft support and compliance controls. This move reflects Russia’s push for financial sovereignty amid Western sanctions and aligns with upcoming digital ruble legislation and mining regulations. If approved, Sberbank’s custody solution will serve as a testbed for the 2026 digital ruble, allowing regulators to evaluate compliance systems and customer behavior. The initiative mirrors global trends, with banks like Deutsche Bank preparing similar offerings in Europe. A regulated onshore crypto custody platform is expected to boost market liquidity, strengthen institutional access and investor confidence, although transparency and sanction-circumvention risks remain.
Bullish
The news is bullish because a major state-owned bank entering the crypto custody market should increase liquidity and encourage institutional participation. In the short term, Sberbank’s proposal boosts confidence in Bitcoin and may drive up demand. In the long term, a regulated onshore crypto custody solution helps establish a robust compliance framework, enhances market stability and attracts more institutional capital, accelerating the institutionalization of digital assets.