Sberbank, Russia's largest bank, has announced plans to provide custody services to Russian crypto assets to increase its influence in the country's cryptocurrency space.
With this step, state-owned banks aim to play a leading role in the development of Russian digital assets.
Anatoly Pronin, executive director of the bank's alternative payment solutions division, noted that cryptocurrency protection services are becoming increasingly widespread worldwide, and that Sberbank has submitted regulatory proposals to the Russian Central Bank accordingly. Pronin argued that cryptocurrencies should be regulated like traditional assets held in bank accounts, and that banks will ensure the security of their clients' tokens.
After a long opposition, the Russian central bank last year eased its stance on cryptocurrency and supported legislation that would allow businesses to use these assets in international trade. The change is seen as part of a strategy aimed at mitigating the impact of Western sanctions.
The storage service allows you to freeze assets if malicious activity is suspected, but it promotes simple transactions and protects your account from cyberattacks.
“Storage services are the backbone of the cryptocurrency economy. These services are currently in the hands of foreign private companies. This poses a great risk.”
*This is not investment advice.
