Russia's largest bank, Sberbank, plans to offer Russian crypto asset custody services

On July 17, Reuters reported that Russia's largest lender, Sberbank, plans to provide custody services for Russian cryptocurrency assets, as the state-owned bank hopes to play a leading role in the development of digital assets in Russia. Anatoly Pronin, Executive Director of Sberbank's Alternative Payment Solutions Department, said that the bank has submitted a proposal to the Russian Central Bank regarding the regulation of domestic crypto assets, a move stemming from the increasing number of banks worldwide that are beginning to offer custody services. Pronin noted that Sberbank's proposal would allow crypto assets to be regulated in a similar way to bank account assets, with the bank guaranteeing the security of the tokens. [TechFlow]