Russia’s top banks to allow crypto trading from this month: Report
Sberbank which is also known as one of the renowned banks in Russia is all set to allow its customer crypto asset services from June.
Highlights
- Digital items can be brought, sold and traded by customers after bank will begin issuing digital financial assets
- Sberbank focuses on strengthening crypto services
According to current reports, Sberbank, which was established in 1841, is regarded as one of the biggest banks in Russia and is said to offer its customer crypto asset services this month.
Anatoly Popov, the deputy board chairman of Sberbank, said the company is ready to introduce services for cryptocurrencies. Digital items can be bought, sold, and traded by customers, soon after the bank will begin issuing digital financial assets (DFA) for transactions.
“If we're talking about individuals, this function will reportedly become available to them in June, or the second quarter. Individuals will be able to purchase and sell digital financial assets. Therefore, trade them for money, stated Anatoly Popov.”
Previous milestone in blockchain
The information further stated that the bank will soon permit its customers to exchange Bitcoin and other cryptocurrencies, which is thus going to mark another milestone in its name.
In contrast to the Central Bank of the Russian Federation's antagonistic stance towards the cryptocurrency industry, Sberbank applied for permission to create a blockchain platform and to launch its own digital asset in 2021. Few months later, Sberbank accomplished a huge feat by developing a blockchain exchange-traded fund (ETF) that tracks well-known cryptocurrency firms like Galaxy Digital, Coinbase, and Diginex. This was the first such product in Russia that enabled domestic investors to deal with the industry without having to buy, sell, or hold tokens.
“Companies will be able to make their first transaction on our blockchain platform one month from now. We are just starting our work with digital assets, realising that further development requires adaptation of the current regulatory framework. To do that, we are ready to work closely with the regulator and executive bodies,” expressed Sergey Popov, Director of the Transaction Business Division, Sberbank.
Could this mean more money for banks?
While outlining the positive effects of the change, Alexander Vedyakhin, the bank’s vice chairman, stated that investors with an interest in the crypto industry may contribute more funds to the bank.
On the other hand, the bank has also implemented new assessment features into place. These features are designed to make it easier to conduct financial transactions involving digital assets.
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Although Aksakov did not identify which crypto exchanges would be authorised to handle cross-border transfers, and acknowledged that they would probably face new restrictions.
