Russia’s Largest Bank Sberbank Plans to Offer Custody Services for Crypto Assets in Russia

According to ChainCatcher, citing a Reuters report, Russia’s largest bank, Sberbank, announced on Thursday that it hopes to provide custodial services for Russian cryptocurrency assets, aiming 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 more and more 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 regulate crypto assets in a manner similar to 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 misconduct, these assets could be frozen. However, this approach would make transactions more convenient and protect accounts from hacker attacks.