Russia's largest bank Sberbank plans to provide custody services for Russian crypto assets

ChainCatcher news, according to Reuters, Russia's largest bank, Sberbank, announced on Thursday that it hopes to provide custody 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 an increasing number of foreign banks offering custody services, the bank has submitted a proposal to the central bank regarding the regulation of domestic crypto assets.

During a discussion on cryptocurrency regulation, Pronin mentioned that Sberbank's proposal would align the regulatory approach for cryptocurrency assets with that of bank account assets, and the bank would ensure the security of tokens. Custody of crypto assets on behalf of clients means that if law enforcement suspects misconduct, these assets may be frozen, but this move can make transaction operations more convenient and protect accounts from hacking.