news 
Russia’s Sberbank Seeks To Offer Crypto Custody Services For Domestic Assets
Sberbank, Russia’s largest lender, has announced plans to offer digital asset custody services for domestic assets, a move that could lead to increased institutional investment in the market. This development comes as Russian firms explore digital asset alternatives to facilitate cross-border activities.
The bank filed an application with the central bank regarding crypto-based regulations, citing other jurisdictions. Anatoly Pronin, Sberbank’s Executive Director, emphasized that the firm would guarantee the safety of assets if regulators allow digital assets to be treated like others. If central banks give the green light to crypto regulations, it would lead to a spike in adoption, as well as safer transactions. However, this move exposes users to excessive government control, and assets can be frozen easily.
On a broader scale, crypto users are focused on the benefits of institutional growth across multiple jurisdictions. Naeem Aslam, the CIO of Zaye Capital Markets, highlighted the institutional significance of merging both finance worlds in Russia. “Sberbank, Russia’s largest bank, is set to launch crypto custody services, marking a significant step toward institutional crypto adoption in Russia. This move could pave the way for broader cryptocurrency integration within the country’s financial system.”
Major institutions eyeing a larger stake in the crypto market have been watching Sberbank’s steps closely. Banks and global firms are backing Bitcoin and other crypto assets. Recently, Standard Chartered launched a spot trading desk for BTC and ETH, targeting institutional investors. In the United States, banks are ramping up stablecoin exploration. Bank of America is exploring stablecoin initiatives alongside JPMorgan and Citigroup, among others. Stripe is also developing a wider stablecoin infrastructure to address cross-border payments.
These successes hinge on positive regulations globally. Hong Kong’s lawmakers passed a stablecoin bill, spiking market sentiments. Stablecoins are often referred to as gateway tokens for institutional clients because the underlying currency backs them. Furthermore, most users utilize stablecoins to gain access to DeFi tokens.
Source: zycrypto.com
