Sberbank is awaiting approval to provide crypto storage and trading services to over 110 million customers. In December last year, the Central Bank of Russia proposed draft regulations to normalize cryptocurrency investment.
Important points:
- Sberbank is gearing up for cryptocurrency trading for its 110 million customers, pending the upcoming Russian banking regulations.
- Following the loan to Intellion in December, Sberbank next plans to expand its crypto-backed loans to more companies.
- December’s Bank of Russia draft caps retailers’ annual purchases at $4,000, paving the way for future market access.
Sberbank ready to offer crypto services as soon as regulations arise
Cryptocurrencies are poised to enter the Russian banking system once a regulatory framework for these assets is established.
Sberbank, one of the largest banks in Russia and Europe serving more than 110 million retail customers, could be the first institution to open up crypto custody and trading services to its customers.
The bank, which is majority owned by the Russian state, has signaled its readiness to help bring these services, including AI-related trading initiatives, into traditional finance. Speaking at the Moscow Exchange forum, Ruslan Vesterovsky, Senior Vice President and Head of Wealth Management, said:
“We expect currency trading to bring the necessary liquidity and minimal spreads to the market. Traditional infrastructure is poised to offer new opportunities to our customers, including 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, Mr. Vesterovsky emphasized that: “With the introduction of regulations and the start of organized trading, we, together with other market participants and Russian banks, are ready to provide access to our customers.”
Central banks still consider cryptocurrencies to be high-risk products, but have allowed limited integration of cryptocurrencies into the financial system. In December, Sberbank issued one of its first crypto-backed loans to Intelion, a crypto mining company that manages more than 300 megawatts of electricity for 1,500 customers.
Later, the bank announced that it would prepare a platform to provide this type of financing to more businesses.
Nevertheless, the necessary regulations are still being developed. In December, the central bank presented a draft proposal proposing to allow accredited and non-accredited investors to buy and sell cryptocurrencies, although the latter face an annual limit of nearly $4,000 through a single service provider.
