Russia’s Sberbank Given Green Light to Custody Bitcoin

What happened

Bitcoin Magazine Russia’s Sberbank Given Green Light to Custody Bitcoin Russia’s largest bank has announced it is the first in the country to have been approved to custody (holding customers’ assets on their behalf) bitcoin. Russian President Vladimir Putin this month signed a law to set in stone the regulation of digital currencies and digital rights in the country.

It added: “For users, this means that digital currency transactions are moving into familiar banking interfaces — complete with standard customer identification, transaction monitoring, and reporting.” Sberbank said in an announcement Wednesday that the Bank of Russia gave the company the green light for “digital currency record-keeping” and to facilitate the transfer of such assets.

It said that bitcoin and other, smaller cryptocurrencies were given approval. Russia is fast moving ahead with regulating digital assets in the country.