Sberbank is the largest state-owned bank in Russia and third largest in Europe with the major part of Sberbank subsidiaries (52%) owned by Russian Government. Russian laws prohibit trading cryptocurrencies, and selling crypto within the country is illegal, but Sberbank does not want to lose the possibility to provide their services for clients.
Andrey Shemetov, Sberbank’s Head of Global Markets, claimed that the bank is developing a strategy for trading cryptocurrencies overseas in order to avoid violating domestic rules. Sberbank aspires to satisfy the interests of clients that is why it needs to gain access to a wide range of products.
Anton Siluanov, the Minister of Finance of Russia, published draft law on the regulation of digital assets in Russia that is expected come into force in September of 2018.
The only solution found for crypto trading is Swiss branch of Sberbank called AG. Moreover, Sberbank’s Head of Global Markets said that Swiss colleagues were setting up an infrastructure for trading cryptocurrency. As a first step, the product will be available only to legal entities.