Sberbank Is Bypassing Russian Regulations & Trading Cryptocurrencies Overseasin News
Reuters reported that Sberbank, the largest bank in Russia and third largest in Europe, majority-owned by the Russian government, plans to start trading cryptocurrencies outside Russia in order to avoid violating domestic rules, the bank’s Head of Global Markets Andrey Shemetov said on Tuesday. According to Shemetov, “Russian laws bar Sberbank from trading cryptocurrencies.” However, “the state-controlled bank wants to be able to serve clients in what is a popular market for some investors,” the news outlet explained.
“That’s why we think that we need to have a strategic access to these products,” the bank’s Head of Global Markets Andrey Shemetov said on Tuesday. "We are now studying the possibility of opening accounts in crypto-currencies in Switzerland. Sberbank Switzerland AG is working on it," he said. "Demand for crypto currency is everywhere. Simply the Swiss law allows it: a banking license allows you to work with crypto-currencies without any additional licenses," he added.The subsidiary Swiss bank of Sberbank works with legal entities, provides services to companies that belong to private banking clients. In Russia, Sberbank is involved in work on legislation that would allow people to legally open accounts, buy and sell crypto-currencies, Bulantsev said.
"We are waiting for the legislative base to be formed, we have the demand for this service from a wide range of clients, and we are ready to work within the framework set by the law, so, for now, we are just studying this issue," Bulantsev said.What do you think of Sberbank offering cryptocurrency trading outside of Russia? Let us know in the comments section below.
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