Russia’s Largest Bank To Now Offer Crypto Trading Services

By Kevin • June 12, 2023 11:04 pm • Comments

It was recently announced that Sberbank, the largest bank in Russia, has plans to offer crypto trading services to its customers.

This revelation is extremely positive for the crypto industry in the country as the country was very much anti-crypto just a few years ago.

So far, it has been revealed that all customers will start to be able to access to these services starting in June which will largely increase the amount of new capital that enters the market very soon.

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It is expected that many other banks within the country may also follow given that the largest bank has already jumped in.

With that being said, the current price of BTC and other digital assets have not really reacted just yet as it may take some time before investors truly enter the market in large quantities.

Watcher.guru reports:

While the United States has continued its crackdown on the digital asset industry, the world is continuing to move forward. Specifically, with regulatory enforcement abounding in the US, it feels as though the international cryptocurrency industry is progressing at an encouraging pace.

Now, the largest bank in Russia, Sberbank, is set to introduce crypto trading services to its customers.
The bank’s chairman of the board, Anatoly Popov, told TASS about the new development.

Moreover, he assured that customers will now be able to buy and sell what the bank calls CFAs, which are backed by a hybrid of assets and securities. Additionally, Popov noted that the new function will be set to arrive for use in June, differing from the original timeline.

Popov discussed Sberbank’s expectations for the newly developed feature. Specifically, they could issue digital assets worth tens of billions of rubles in the near future. These crypto trading services were originally announced at the end of 2022.

The major benefit to this is that it allows for more liquidity for the bank as crypto investors would be a whole new source of capital.

There haven’t been any official news on whether or not some of the largest banks in the US will offer crypto trading services, but it seems that the regulatory environment may be preventing that.

After all, the risk of legal issues is a huge deterrent that is stopping insitutions and banks from taking the risk of getting involved at a large scale.

Sberbank has also previously gotten involved in the space as the bank had got approval from the Russian government to launch its own stable coin in the past.

It seems that the crypto landscape is shifting rapidly on the international stage which bodes will for investors in the long term.

Crypto.news reports:

In 2021, Sberbank sought approval from Russian authorities to launch its stablecoin. Despite the opposition from the Russian central bank, which has been reluctant to permit the launching of private cryptocurrencies, Sberbank continues to develop its platform.

Considering Sberbank’s position in the financial landscape in Russia and its extensive client base, its influence and recent development hint at a possible shift in the Bank of Russia’s previous stance on cryptocurrencies.

Besides Sberbank, Alfa Bank, a private bank in Russia, has been permitted to issue digital assets. Other approved financial institutions include Lighthouse, a Fintech company; and Atomyze, a tokenization platform backed by the Russian Federation.

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