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The largest bank in Russia plans to provide custody for digital assets to promote regulation of encryption assets.
[Coin World] On July 17, news reported that Russia's largest bank, Sberbank, announced on Thursday that it aims to provide custody services for Russia's crypto assets and strives to play a leading role in the development of digital assets in Russia. Anatoly Pronin, Executive Director of the Alternative Payment Solutions Department at Sberbank, 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 a discussion on cryptocurrency regulation that Sberbank's proposal would regulate crypto assets similarly to how bank account assets are regulated, and the bank would ensure the security of tokens. Custody of crypto assets on behalf of clients means that if law enforcement suspects misconduct, these assets may be frozen, but this move will make transactions more convenient and protect accounts from hacker attacks.