Sberbank is awaiting approval to offer cryptocurrency custody and trading services to its over 110 million customers. The Central Bank of Russia proposed a regulatory draft to regularize crypto investments last December.
Key Takeaways:
- Sberbank readies crypto trading for its 110M clients, awaiting upcoming Bank of Russia regulations next.
- Following a December loan to Intelion, Sberbank plans to expand crypto-backed lending to more firms next.
- A December Bank of Russia draft caps retail buys at $4,000 yearly, paving the way for future market access.
Sberbank Ready To Offer Crypto Services As Soon As Regulation Arises
Cryptocurrencies are poised to make inroads into the Russian banking system as soon as a regulatory framework for these assets is established.
Sberbank, one of the largest banks in Russia and Europe serving over 110 million retail customers, could be the first institution to open cryptocurrency custody and trading services to its customers.
The bank, which is majorly owned by the Russian state, signaled its readiness to collaborate on introducing these services to traditional finance, including AI-linked trading initiatives. At the Moscow Exchange forum, Senior Vice President and Head of Wealth Management Ruslan Vesterovsky stated:
“We expect that exchange trading will bring the market the necessary liquidity and minimal spreads. Traditional infrastructure is ready to offer clients new opportunities – margin trading, investment strategies, including those based on AI, and a reliable and secure infrastructure built on one of the most technologically advanced banks in the world.”
Furthermore, Vesterovsky highlighted that, “with the introduction of regulation and the launch of organized trading, we, together with other market participants and the Bank of Russia, will be ready to provide clients with access.”
While the central bank still considers cryptocurrencies high-risk instruments, it has allowed for their limited inclusion in the financial system. Sberbank issued one of the first cryptocurrency-backed loans in December to Intelion, a cryptocurrency mining company that manages over 300 MW of power to 1,500 customers.
Later, the bank also announced that it would prepare its platform to offer this kind of loan to more companies.
Nonetheless, the regulation required is still in the works. In December, the central bank presented a draft that proposes allowing qualified and non-qualified investors to purchase and sell cryptocurrencies, with the latter facing a limit of nearly $4,000 per year through a single service provider.
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