Scams Radar

Sberbank, a state-owned bank in Russia, will provide liquidity for regulated cryptocurrency markets

Ethereum logo built from glass blocks with Russian architecture in the background, symbolizing blockchain technology in Russia

According to reports, Russia’s largest bank is preparing to allow top investors to trade cryptocurrencies as part of a new legal experiment.

By serving as a market maker and supplying liquidity on the upcoming regulated cryptocurrency platforms, Russia’s state-owned lender Sberbank is preparing to take on a larger role in the nation’s cryptocurrency landscape.

Sberbank’s head of global markets, Alexander Zozulya, told local media that the bank would be active on Russian-regulated platforms as a market maker and liquidity provider, enabling highly qualified investors to transact directly with cryptocurrencies.

The action is taken as Russia’s central bank continues to advance its experimental cryptocurrency trading regulatory framework. Only a select few affluent investors should be able to conduct cryptocurrency activities in a legal “sandbox,” according to the Bank of Russia.

You may also enjoy: Russia takes action to seize cryptocurrency as a new statute declares Bitcoin to be property.

Earlier at a seminar, central bank president Elvira Nabiullina said that “investments directly in cryptocurrencies” would need new rules and specialized infrastructure. In the last year, investors who have earned more than 50 million rubles (about $625,000) or who have more than 100 million rubles (approximately $1.25 million) in securities and deposits are eligible for this investment opportunity. Additionally, Sberbank plans to start offering financial products that are tied to cryptocurrencies but do not need direct ownership of the cryptocurrency. As stated by Zozulya, these may be mutual funds, digital financial assets, or structured products that provide exposure to cryptocurrencies such as Ethereum (ETH) or Bitcoin (BTC) without necessitating direct ownership of the cryptocurrencies themselves.

The bank anticipates that once the legal framework is revised, a “new world” of investment will become accessible. The infrastructure “is already ready,” Zozulya said, adding that the only thing left to do is introduce new instruments to the market. 

Reviews:

There are no reviews yet. Be the first one to write one.

Leave Your Review Here: