Sberbank to Act as Market Maker for Russian Bitcoin Exchanges and Launch ETF

Sberbank will assume the role of liquidity provider and market maker on Russian cryptocurrency platforms, according to RBC, citing a statement from Alexander Zozulya, Director of the Global Markets Department at Sberbank.

The exchanges will be established within a regulatory sandbox, and operations will be permitted for super-qualified investors. Cryptocurrency products will be available to them without direct ownership, similar to ETFs.

“In Russia, these could be structured products, DFAs or MIFs, providing exposure to Bitcoin, Ethereum, or a basket of cryptocurrencies, but without direct ownership or the ability to physically possess them,” Zozulya explained.

For a full launch, amendments to the Civil and Tax Codes and the Central Bank’s regulations will be necessary.

“We already have the infrastructure ready; we just need to add new instruments. An experimental platform will be created for super-qualified investors, where an attempt will be made to ‘legitimize’ direct cryptocurrency ownership,” added the bank representative.

In April, Russian authorities announced the launch of a cryptocurrency exchange aimed at super-qualified investors.

Later, in comments to ForkLog, experts explained the new requirements of the Central Bank of Russia for digital assets.