Sberbank Joins Russia’s Crypto Drive as Market Maker Russia’s most significant bank, state-run Sberbank, is set to take a prominent part in the country’s emerging crypto space. The bank will serve as a market maker and provide liquidity on new, regulated crypto platforms to be launched soon under Russia’s pilot project for regulating trades in digital assets. Crypto Sandbox for the Wealthy The policy is in line with the Bank of Russia strategy to allow limited crypto business in a sandbox atmosphere legally. Only “super-qualified” investors—possessors of over 100 million rubles ($1.25 million) in assets or over 50 million rubles ($625,000) in income annually—will be qualified to deal directly in such cryptocurrencies as Bitcoin and Ethereum. Central Bank Governor Elvira Nabiullina emphasized that new infrastructure and regulation are needed for legal operations of cryptocurrencies in Russia. Structured Exposure, Not Direct Ownership According to Alexander Zozulya, Sberbank’s global markets head, the bank will offer also crypto-linked investment products that are not held through direct ownership. They could be structured products, mutual funds, or digital financial assets, offering exposure to cryptocurrencies without the need for direct possession. Kindly refer to the figure below. Zozulya stressed that the infrastructure is “already ready” and Sberbank expects a new investment climate to emerge as soon as the regulation is sorted out. Future Opportunities With the central bank’s endorsement and an evident path toward regulation, Russia’s best investors could be trading on crypto markets with the backing of the nation’s largest bank soon. Sberbank’s move is a significant landmark for Russia’s controlled approach to the use of digital assets.
