Sberbank Proposes Banks Store and Manage Cryptocurrency

Sberbank wants Russian banks to act as custodians for crypto wallets, ensuring asset safety, regulatory compliance, and transaction transparency under local laws.

Banks could become crypto custodians in Russia

Sberbank has proposed that Russian banks be authorized to store and manage digital assets. According to Anatoly Pronin, a representative of the bank, this would allow banks to act as cryptocurrency custodians for their clients.

Under the proposal, banks would manage crypto wallets, ensure asset security, provide legal protection, and monitor transactions for suspicious activity.

Risk evaluation and legal compliance at the core

Banks would verify users through Russia’s ESIA identification system and sanctions lists. Wallets would be stored within the banking infrastructure, allowing full traceability of users and transactions.

The proposed framework also includes a three-tiered risk evaluation system:

• Multi-factor transaction verification
• Automated risk classification
• Flexible blocking of suspicious transfers

Banks would report suspicious transactions to Rosfinmonitoring and closely monitor cross-border activity, particularly to “unfriendly” jurisdictions. They may also request documents from clients to comply with currency control laws.

Sberbank further suggests implementing reporting standards for crypto transactions and setting exchange limits between crypto and rubles. While exact figures were not disclosed, they were submitted to the Bank of Russia.