Sun 16 Aug 2026

Russia's Sberbank plans to embed crypto custody for over 100 million retail users by December 2026, but the architecture is custodial — the bank holds all private keys. Under the Yarovaya Law (Federal Law No. 374-FZ), the FSB can demand access to any data on Sberbank's infrastructure without a warrant, including holdings and transaction records. The arrangement is not self-custody; it is a state bank recapturing an asset class that had escaped state surveillance, repackaged as financial inclusion. The distinction between a key you control and one the state can lawfully demand is the entire technical basis of cryptographic sovereignty.

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