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Sberbank gets approval to custody bitcoin in Russia

Russia’s central bank approved the bank to use “digital currency record keeping” for bitcoin and smaller cryptocurrencies, enabling transfers and crypto transactions via its online platforms.

Reported · Written up by our desk · Market Structure

Sberbank, Russia’s largest bank, said it is the first in the country to receive approval to custody digital assets, including bitcoin. The bank announced that the Bank of Russia gave it the green light for “digital currency record keeping” and to facilitate transfers of such assets, and that the approval also covers bitcoin and other smaller cryptocurrencies.

Sberbank said customers will be able to conduct cryptocurrency transactions via SberBank Online, SberInvestments, and the SberBusiness online banking platform, according to Bitcoin Magazine. The report also notes that Russia is moving ahead with regulating digital assets.

Russian President Vladimir Putin signed a law earlier this month that sets out regulation for digital currencies and digital rights in the country, the outlet said.

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