Russia is moving ahead with its plan to bring digital assets trading and custody under a regulated system, and Sberbank is now part of that system.

The Bank of Russia has published its first official registers of approved digital asset operators. They include four exchange operators and five companies authorized to provide digital asset custody services.

Sberbank, Russia’s largest bank, is one of the five approved custodians. VTB Bank appears on both the exchange and custody lists.

The move gives Russia a formal system for companies that want to buy, sell, hold and manage bitcoin under the supervision of the central bank. Sberbank plans to launch its first digital asset services on December 1.

In an announcement, the bank said customers will initially be able to access digital assets through its existing platforms: SberBank Online, SberInvestments and SberBusiness.

The bank also said the initial offering will include Bitcoin, Ether and USDT, and “other popular crypto assets.” Customers will not need a new app. Instead, the services will be built into platforms they already use.

Sberbank also plans to begin with a limited number of customers before potentially opening the service to a wider audience. The bank described the new system as bringing digital asset transactions into familiar banking interfaces.

“For users, this means that digital currency transactions are moving into familiar banking interfaces — complete with standard customer identification, transaction monitoring, and reporting,” Sberbank said.

In simple terms, customers using Sberbank’s digital assets services will go through the bank’s normal identification and monitoring procedures. The new registers are an important part of Russia’s digital asset rules, which came into effect on September 1.

The five companies on the custody list are Sberbank, VTB Bank, Atomyze, Voltari and Cloud Infrastructure.

The four exchange operators are VTB, T-Invest Lab, Zefir and Sistema-Crypto.
The two groups have different jobs.

Custodians are responsible for holding digital assets, initiating transfers and giving customers access to the services about managing their digital assets. Exchange operators can buy and sell digital currencies using their own funds.

The companies must already follow certain transaction and accounting rules. They have until September 2027 to fully meet the remaining requirements of the new framework.

The system was created under Russia’s new law covering digital currencies and digital rights, which President Vladimir Putin signed in August. Russia’s decision to regulate digital assets does not mean bitcoin can now be used like ordinary money inside the country.

Using digital assets to pay for normal goods and services remains prohibited.

The new framework is mainly about buying, selling, holding and investing in digital assets.
Russia has also created rules allowing certain digital asset transactions for cross-border trade.

Retail investors face limits as well. Non-qualified investors can buy eligible digital assets worth up to 300,000 rubles per year through each intermediary after passing a required test. Qualified investors are treated differently and do not face the same annual purchase limit.

However, the Bank of Russia has identified Bitcoin, Ether and USDT as digital assets that could meet the requirements for trading by retail investors with less restrictions.

Sberbank’s plans go beyond simply holding bitcoin for customers. The bank has been working on lending products that could use digital assets as collateral. Bitcoin is expected to be an important asset for this type of lending, although any such products will depend on regulatory approval.

VTB is also preparing its own services. The bank has said it expects to give investors access to digital assets trading through its existing investment platform, with a separate exchange planned later.