The largest bank in Russia, Sberbank, would become one of the official market manufacturers of the next regulated cryptography platforms following the country’s regulatory developments in its landscape of digital assets. The bank would expect the emergence of a “new world” of instruments to invest in digital assets.
SberBank becomes an official liquidity supplier
On Tuesday, Alexander Zozulya, director of the World Markets Department of Sberbank, told the local press RBC that the State Bank would become a supplier of liquidity and a market manufacturer for the cryptographic platforms regulated by Russian.
According to experts interviewed by RBC, investors have several open questions related to investor risks with the central bank proposal to launch trading in digital assets, including liquidity suppliers for new instruments.
Zozulya underlined the initiative of the Russian Bank (BOR) to legitimize digital asset transactions in a regulated framework where qualified investors will be authorized to negotiate directly with digital assets.
“The Russian Bank has taken an important step by announcing the development of an experimental legal regime (EPR) for cryptocurrency transactions. We expect the emergence of a legal “sandbox”-a similar analog of a regulated cryptocurrency where highly qualified investors will be authorized to transport cryptocurrencies directly, “said Zozulya.
As Bitcoinist reported, Russian Finance Minister Anton Soluanov announced a plan to establish a dedicated exchange for “highly qualified investors” alongside the BOR. Siluanov said that this measure “would legalize cryptographic assets and bring out the shadow cryptography operations”.
During a speech in mid-May, Elvira Nabiullina, head of the Russian bank, explained that direct investments in digital assets will require separate regulatory changes and infrastructure. Consequently, the initiative must be carried out within the framework of an experimental legal regime and be available only for specific and qualified investors.
The status of qualified investors should apply to entities or individuals with investments in securities and deposits exceeding 100 million rubles or with annual income exceeding 50 million rubles.
It would seem that qualified investors also become participants in the ELR, while the Russian financial regulator would announce additional requirements for the financial organizations arranged to invest in the crypto.
However, Nabiullina revealed that the criteria for the allocation of investors to the new category are currently being discussion and that the Orm plans to coordinate the decision with the government and to train within the framework of the ELR.
Russia is preparing for crypto -based products
In the interview, the World Marketing Director of Sberbank also specified that the products without direct ownership of digital assets will be available for qualified investors, such as funds negotiated in western exchange (ETF).
According to Zozulya, the largest bank in Russia plans to launch investment products based on crypto, which could be structured products, ETF type products or mutual funds, to offer exposure to Bitcoin (BTC), Ethereum (ETH) or a list of digital assets without the owners directly.
He said that Sberbank, alongside Bor, “moves in this direction fairly quickly”. However, he noted that the launch will require the finalization of regulatory changes, including changes in the Civil Code, the Tax Code and the Central Bank rules.
“A specific list of the necessary modifications has already been identified. We already have the infrastructure ready; what remains is to add new instruments. Once this is authorized, there will be a” new world “of instruments to invest in the cryptocurrency without possessing it,” concluded Zozulya.
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