Sber has proposed that Russian banks become centers for the accounting and storage of cryptocurrencies. This was reported by “Vedomosti” citing Anatoly Pronin, a representative of the financial institution.
The initiative suggests that banks could act as custodians—storing clients’ digital assets, managing them, and conducting operations. The responsibilities of credit institutions would include:
- ensuring the safety of funds in the event of hacks or loss;
- legal protection for clients;
- accounting and risk monitoring;
- using Russian encryption systems and complying with anti-money laundering legislation (115 FZ).
- client verification through the ESIA and sanctions lists.
Cryptocurrency wallets would be stored within the banking system. This would allow for the identification of owners and tracking of transactions.
Credit institutions would create a three-tier risk assessment model. It includes multi-factor transaction checks, automatic risk classification, and flexible rules for blocking suspicious transfers.
Banks would monitor transactions, identify dubious deals, and report them to Rosfinmonitoring. Special attention would be given to cross-border transfers to unfriendly countries.
“And we are ready to request supporting documents from clients for cross-border operations to comply with currency regulation and control laws,” Pronin emphasized.
Sber also proposed maintaining separate reporting for crypto transactions and setting limits on exchanging cryptocurrency into rubles and vice versa. The specific amounts were not disclosed by the bank representative, but they are included in proposals to the Central Bank of Russia.
Anonymity at Stake
Andrey Tugarin, founder of the legal company GMT Legal, noted that Sber’s proposal is tantamount to the disappearance of anonymity for cryptocurrency users. According to him, the use of ESIA and checks against sanctions lists are aimed at de-anonymizing the market.
“Overall, de-anonymization is not a new process, and in jurisdictions where VASP activities are regulated and licensed, wallet owners are required to undergo KYC, which is not surprising in the modern world,” he added.
Sergey Mendeleev, CEO of Indefibank, emphasized his doubts about the necessity of bank custodians, as it contradicts the nature of cryptocurrencies.
“I genuinely do not understand why I need a custodian to manage my crypto. It was designed to eliminate custodians from all financial processes,” the expert stated.
Impact on Users
Mendeleev noted that checks under 115 FZ and sanctions lists would complicate life for users. This is especially true for those under sanctions. However, it will not be possible to restrict access to foreign exchanges through control of cross-border transfers.
“Absolutely all crypto exchanges are located in foreign infrastructures, and Russian regulators’ requirements do not apply to them,” Tugarin emphasized.
The CEO of Indefibank also criticized Sber’s proposal regarding user protection from hacks.
“I am not sure that if you compare the percentage of bank account hacks with cryptocurrency wallet figures, the advantage would be on the side of banks,” the expert noted.
He also pointed out the risks of asset blocking. If Tether freezes all USDT in Sber’s wallets, users would not be able to access their funds. In Mendeleev’s opinion, the initiative is outdated and does not meet the needs of 2025.
Back in late May, the Bank of Russia allowed credit institutions to offer cryptocurrency-based instruments to qualified investors. In early June, Sber issued bitcoin bonds.
In April, Russian authorities, under an experimental legal regime, announced the launch of a cryptocurrency exchange.