What signal has the largest Russian bank, Sberbank, released by offering encryption asset custody?

On July 17, Sberbank, Russia's largest bank, announced that it will provide custody services for domestic crypto assets, with a formal launch expected in 2026. (Background: Russia passes CBDC bill: mandatory acceptance of digital ruble payments by enterprises and banks starting September next year) (Supplementary background: Thai listed company DV8 announces the launch of BTC reserves and the establishment of a DeFi digital bank, transforming retailers into Bitcoin vaults) Russia's largest bank: On July 17, Sberbank, the State Savings Bank of the Russian Federation, announced that it will provide custody services for domestic crypto assets, with a formal launch expected in 2026. This plan moves private keys and funds previously scattered across overseas platforms back to a data center in Moscow, also showcasing Russia's path to rebuilding financial infrastructure in a sanctions environment. After the announcement, external market attention focused not just on technical details, but also on the policy signals behind it. The Central Bank of Russia has long maintained a conservative stance towards cryptocurrencies, and now allowing the country's leading banks to enter the space represents that the official view has shifted to considering blockchain as a feasible solution. Currently, Sberbank has submitted a regulatory draft, hoping to bring crypto assets under a management framework similar to traditional accounts. Sberbank targets key infrastructure Sberbank stated that the custody services will provide multi-layer encryption, Cold Wallets, and physically isolated data centers, and will cooperate with law enforcement to freeze abnormal accounts when necessary; the goal is to reduce dependence on foreign custodians and strengthen financial sovereignty. Gleb Zemskoy, Director of Blockchain Technology and Digital Currency Development at Insight Finance, pointed out: "Any fund or crypto user cannot do without custody services, custodians are the cornerstone of the world economy in the realm of cryptocurrencies." Zemskoy believes that most custodians are currently located overseas, which poses potential risks; therefore, establishing a local solution is urgent. Sberbank aims to establish itself as a key hub for internal digital assets through its custody services. Sanctions pressure drives policy shift The shift in policy direction can be traced back to the wave of sanctions following the 2022 Russia-Ukraine conflict. Western countries have excluded Russia from SWIFT, significantly restricting traditional cross-border payment channels, forcing Moscow to seek alternatives. The Russian Finance Minister has confirmed that companies are beginning to use cryptocurrencies for cross-border settlements; a stablecoin pegged to the ruble, (A7A5), has circulated $9.3 billion within four months, highlighting the demand for new channels. Before Sberbank's entry, the Central Bank supported the establishment of domestic exchanges and wallets but lacked a "custodian" role. Now that the custody business is in place, Russia's crypto financial puzzle is becoming more complete, allowing fund transfers without relying on overseas services. Digital ruble and mining regulation proceed simultaneously Sberbank's actions are not isolated; Russia is simultaneously advancing the Central Bank Digital Currency (CBDC). According to reports from Encryptonomist, legislation for the digital ruble was passed this summer, and from September 2026, large enterprises must provide digital ruble payment options, with QR codes used for checkout. At the same time, the government has established a national registry center for crypto mining rigs to track computing power sources and energy consumption, preparing to manage mining through taxation and quotas. Prospects and challenges coexist After the custody services are implemented, domestic institutional investors will find it easier to access compliant channels, and market liquidity is expected to improve. However, the international community remains concerned about whether Russia will use cryptocurrencies to bypass sanctions. Ukraine has recently imposed new sanctions against over 60 Russian crypto companies and 73 individuals, indicating that external regulatory pressure will not ease. The key for the future lies in whether Russia can balance attracting funds, ensuring transparency, and addressing international money laundering concerns. If it can establish a "regulatable local custody - digital ruble - compliant mining" triangular structure, Russia will have leverage to protect itself in a multipolar financial system; if not, insufficient transparency may lead to escalated international countermeasures. Related reports: UK crypto digital bank Ziglu "announces bankruptcy" and enters liquidation, user funds are stuck; Silicon Valley Bank SVB reborn? Financial Times: Peter Thiel is building a digital bank "Erebor," targeting crypto tech startups; South Korea "abandoning CBDC" to turn to private stablecoins, the central bank states: the first wave of opening banks, then allowing private companies.