sber offers to expand access to cryptocurrency transactions for all qualified investors

The largest Russian bank ‘Sber’ took the initiative to allow all qualified investors to conduct cryptocurrency transactions within the existing Experimental Legal Regime (EPR).

According to the First Deputy Chairman of the Board of the Bank Alexandra Vedyakhin, the current restrictions, which allow only ‘especially qualified’ investors to deals, do not reflect the real situation on the market. He stressed that it is necessary to “move faster” and to open access to a wider audience.

Why is it important

Now, according to Sberbank, digital assets use digital assets from 7 to 10 million Russians, while the number of ‘superqualles’ does not exceed 30-40 thousand people.

So the vast majority of crypto investors work outside the legal fieldwhich reduces transparency and hinders the development of the industry.

Position of other banks

Chief Managing Director Alfa-Bank Vladimir Verkhoshinsky also supported the idea of expanding access, noting that it could be about 7 million potential participants.

He proposed not to create separate crypto zones, but to develop the initiative within an already existing EPR in order to speed up the implementation.

Alternative from the Moscow Exchange

made a proposal and Chairman of the Supervisory Board of the Moscow Exchange Sergey Shvetsov. He believes that cryptocurrencies should be recognized stock commodityto resolve their circulation through an existing infrastructure.

“We have licenses and regulations – you should not put millions of people outside the law,” he stressed, adding that the creation of special zones will only drag out the process for years.

mitigation of requirements from the Central Bank

2 october The Bank of Russia announced the easing of the rules For retail investors who want to work with digital assets.

According to the Director of the Financial Market Infrastructure Department of the Central Bank Kirill Pronina, now some of the tools will be available wider range of buyers, however, for ‘highly risky’ assets, the restrictions are retained.