Sberbank, Russia's Largest Bank, Plans to Offer Custody Services for Russian Crypto Assets

According to a report by Jinse Finance, Sberbank, Russia’s largest bank, announced on Thursday that it aims to provide custodial services for Russian cryptocurrency assets, seeking to play a leading role in the development of digital assets in Russia. Anatoly Pronin, Executive Director of Sberbank’s Alternative Payment Solutions Department, stated that after observing a growing number of foreign banks offering custodial services, the bank has submitted proposals to the central bank regarding the regulation of domestic crypto assets. During a cryptocurrency regulation discussion, Pronin said that Sberbank’s proposal would align the regulation of crypto assets with that of bank account assets, and the bank would ensure the security of tokens. Acting as a custodian for clients’ crypto assets means that if law enforcement suspects any misconduct, these assets could be frozen. However, this approach would make transactions more convenient and protect accounts from hacker attacks.