Sberbank of Russia plans to offer custody and regulation services for crypto assets. This comes amid changes in the central bank's policy and current challenges due to international sanctions.
Sberbank and Crypto Asset Regulation
Sberbank proposed to the Central Bank of Russia the idea of regulating crypto assets similarly to traditional bank deposits. Executive Director Anatoly Pronin stated that their goal is to ensure token security and protect users from illegal activities.
Bypassing Sanctions: New Solutions from Sberbank
Sberbank has developed a method to bypass Western sanctions in conducting transactions. The bank allows its clients to send rubles via its mobile app to European recipients using intermediary banks. However, Sberbank's name does not appear in the transactions, raising questions about the legitimacy of these operations.
Expanding Access to Cryptocurrencies for Investors
Sberbank aims to become a market maker, providing liquidity for platforms that offer qualified Russian investors access to cryptocurrencies. The head of the bank's Global Markets Department, Alexander Zozulya, noted that the establishment of an experimental legal regime for crypto-financial operations will allow highly qualified investors to interact directly with cryptocurrencies.
Thus, Sberbank of Russia is trying to adapt to new conditions in financial markets by offering services that help clients circumvent international restrictions and provide a safer access to crypto assets.
