based on materials from the website - By COINTURK NEWS
In response to the growing interest in cryptocurrencies, Russia's largest bank, Sberbank, plans to offer custodial services for Bitcoin and other crypto assets. This initiative aims to position Sberbank as a leader in the developing cryptocurrency infrastructure in the country. As demand for cryptocurrencies rises, the need for reliable custodial services in this sector is becoming increasingly apparent.
Sberbank's cryptocurrency services
This move by Sberbank followed the Central Bank of Russia's softening stance on crypto assets. Recent legislative changes facilitate the use of cryptocurrencies by Russian companies in international trade, potentially circumventing Western sanctions. These regulatory changes promote a broader presence of cryptocurrencies in the financial system.
Sberbank's CEO Anatoly Pronin noted that the bank has submitted a series of proposals to the Central Bank regarding the regulation of Bitcoin and other crypto assets. Pronin points out that many global banks have already initiated similar custodial services, and Sberbank aims to keep pace in this area.
Anatoly Pronin: "The project involves structuring Bitcoins and crypto assets based on traditional bank account principles. Sberbank, acting as a custodian, will ensure the security of tokens and can freeze assets in case of suspicious illegal activities."
Custodial services are viewed as a means to enhance transaction security. Gleb Zemsky, Director of Blockchain and Cryptocurrency Development at Insight Finance, emphasizes the importance of national custodial services for Bitcoins and crypto assets. Zemsky warns that reliance on foreign institutions for these services carries significant risks.
Gleb Zemsky: "Custodial services, which form the backbone of the crypto economy, are currently under private foreign control. This presents a significant risk."
New products and investment instruments
According to Sberbank, all proposed transactions will be conducted in the official currency of Russia – the ruble – in accordance with current legislation. Through its SberInvestments platform, the bank plans to offer structured investment products and Bitcoin futures on the Moscow Exchange.
These initiatives mark the first instance of a major Russian financial institution introducing regulated products related to Bitcoin in accordance with national legislation. The bank states that it is monitoring the development of legislation for further advancements in this field.
The planned cryptocurrency custody services from Sberbank, one of the leading financial institutions in Russia, could open a new dimension in the country's digital finance sector. New rules and products may simplify access to digital assets for institutional and individual investors, increasing market diversification. Ensuring the safe storage of crypto assets is critically important for both users and the financial system. These events signal a shift in Russia's strategy regarding crypto assets.
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