Sber to Become Market Maker for Russian Crypto Platforms Amid Regulatory Advances

The 'Sber' bank will act as a liquidity provider and market maker on Russian regulated platforms where highly qualified investors will be permitted direct dealings with cryptocurrencies, explained Sberbank's Global Markets Department Director Alexander Zozyula. The Bank of Russia has taken a significant step by announcing the development of an experimental legal regime (ELR) for cryptocurrency transactions. This is expected to give rise to a legal "sandbox"—a regulated crypto platform allowing highly qualified investors to engage directly with cryptocurrencies. For qualified investors, products that do not involve direct ownership of cryptocurrencies will be offered, similar to Western exchange-traded funds (ETFs). In Russia, such products could include structured products, ETFs, or mutual funds providing exposure to Bitcoin, Ethereum, or a basket of cryptocurrencies without actual ownership. Zozyula mentioned that Sber plans to launch such solutions. The bank and the Central Bank are moving quickly in this direction, but complete implementation requires regulatory adjustments, including amendments to the Civil and Tax Codes and the Central Bank's rules. A specific list of necessary changes has been identified, and the infrastructure is prepared; only new instruments need to be added. Once authorized, a new investment environment in cryptocurrencies without direct ownership will be available. The experimental platform will also aim to legitimize direct crypto ownership for very qualified investors.