Sberbank, Russia's largest bank, has announced plans to offer custody services for crypto assets. This move is aimed at strengthening the bank's position in the emerging area of digital assets in the country.
Sberbank's Plans for Cryptocurrency Custody Services
Sberbank aims to take a leading role in the custody of Russian crypto assets. According to Anatoly Pronin, Executive Director of the Alternative Payment Solutions Department, the bank is proposing custody services in line with regulatory recommendations for the Central Bank of Russia.
Changes in Cryptocurrency Regulation in Russia
Last year, the Central Bank of Russia softened its stance on cryptocurrencies, supporting legislation that allows the use of these assets in international trade. This change is viewed as part of efforts to mitigate the impacts of Western sanctions.
The Importance of Custody Services for the Crypto Economy
Custody services allow assets to be frozen if malicious activity is suspected, while also facilitating easier transactions and protecting accounts from cyberattacks. Gleb Zemskoy, director of blockchain technology and digital currency development at Insight Finance, stated: "Custody services are the backbone of the cryptocurrency economy. Currently, these services are mostly in the hands of foreign private companies, which poses a significant risk."
The launch of new custody services for crypto assets by Sberbank signals the bank's intention to become a significant player in the digital asset market and to adapt to the changing regulatory environment in Russia.
