Sber to be a market maker on cryptocurrency platforms in Russia

Director of Sberbank's Global Markets Department Alexander Zozulya said that the bank plans to act as a liquidity provider and market maker on regulated platforms where cryptocurrency circulation will be permitted. This was reported by RBC.

Such transactions will only be available to super-qualified investors, as envisaged by the experimental legal regime (ELR), which is currently being finalised.

"The Central Bank of Russia has taken an important step by announcing the development of an EPR for cryptocurrency transactions. We expect the emergence of a legal "sandbox" - an analogue of a regulated crypto platform, where super-qualified investors will be able to work directly with digital assets," Zozulya said.

At the same time, for ordinary qualified investors, Sber is preparing products without direct ownership of cryptocurrency, such as structured products, digital financial assets, or mutual fund units that will provide exposure to Bitcoin, Ethereum, or a basket of crypto assets, but will not allow physical receipt of coins. This model has long been used in Western markets through exchange-traded funds (ETFs), and now it can be implemented in Russian regulation.

According to him, work with the Central Bank and the Ministry of Finance is progressing quickly, but for a full launch of such products, legislation will need to be finalized. Zozulya also added that a separate experimental platform will be created for super-qualified investors, where direct transactions with cryptocurrencies will be allowed. This will be an attempt to legalize the circulation of digital assets within the framework of Russian law.

Earlier, it was reported that Russian President Vladimir Putin signed a law according to which transactions with the digital ruble fall under the 115-FZ, the Russian law on combating money laundering .