Sberbank, Russia's largest bank, plans to provide custody services for Russian encryption assets.

[Russia's largest bank Sberbank plans to provide custody services for Russian crypto assets] The largest bank in Russia, Sberbank, announced on Thursday that it hopes to offer custody services for Russian crypto assets, striving 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 beginning to offer custody services, the bank has submitted a proposal to the Central Bank regarding the regulation of domestic crypto assets. Pronin stated at the cryptocurrency regulatory discussion that the proposal from the Russian Federation Savings Bank would make the regulation of crypto assets similar to that of bank account assets, and that the bank would serve as the accomplice for CEX. Representing clients in custody of crypto assets means that if law enforcement suspects misconduct, these assets may be frozen, but this move can make transactions more convenient and also protect accounts from hacking.