Russia's Sberbank to Launch Crypto Trading for Private Investors

Russia's Sberbank to Launch Crypto Trading for Private Investors

Sberbank, Russia's largest banking institution, is reportedly set to introduce cryptocurrency trading services for private investors in the coming weeks. The bank has been exploring various cryptocurrency projects over the years, including the issuance of its own digital currency and the introduction of the first blockchain-focused ETF in Russia.

According to a local media outlet, Sberbank plans to allow customers to buy and sell digital financial assets (DFA) on its platform as early as June. Anatoly Popov, the Deputy Chairman of the bank, confirmed the news and stated that individuals would have the opportunity to exchange cryptocurrencies for cash.

Initially planned for the end of the first quarter of the year, the offering was delayed but is now expected to be available by the end of June. Sberbank aims to provide liquidity to its platform and grant individuals access to digital asset trading. The bank has implemented a scoring system to ensure customers make informed investment decisions and understand the associated risks.

Sberbank's move into the cryptocurrency sector stands in contrast to the Central Bank of the Russian Federation's hostile stance. The bank had previously sought approval to launch its own digital asset and registered a blockchain platform in 2021. In a significant milestone, Sberbank introduced a blockchain exchange-traded fund (ETF) that tracked leading cryptocurrency companies, allowing domestic investors to participate in the industry without directly holding tokens.

In 2022, the bank obtained a license that permits the issuance and exchange of cryptocurrencies. Sergey Popov, the Director of the Transaction Business Division at Sberbank, highlighted the bank's readiness to collaborate with regulators and adapt to the evolving regulatory framework to further develop its digital asset services.

Sberbank's foray into crypto trading reflects a growing acceptance and recognition of cryptocurrencies in the Russian financial landscape. The introduction of cryptocurrency services by a major banking institution is likely to facilitate increased participation and adoption of digital assets among private investors in Russia.

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