The Russian Regulations will be ignored by Sberbank and the Cryptocurrency Trading will be done all over the world
The largest bank of Russia, the state-owned Sberbank, announced that it has planned to avoid the Russian cryptocurrency regulations and offer crypto trading to customers all over the world. The bank is looking at trading both of the most running and well-known cryptocurrencies.
Avoiding the Russian Regulations
Sberbank’s Head of Global Markets Andrey Shemetov told that The bank plans to begin trading cryptocurrencies outside Russia in order to avoid violating domestic rules. Sberbank is the largest bank in Russia and third largest in Europe. It is majority-owned by the Russian government.
“Russian laws bar Sberbank from trading cryptocurrencies. Anyhow, the state-controlled bank wants to be able to serve clients in what is a popular market for some investors. That’s why we think that we need to have a strategic access to these products.”
Tass News reported:
“In Russia, we cannot trade [cryptocurrency], but we want to satisfy the interests of clients, and we believe that we must have access to a wide range of products.”
The Swiss Administration
Sberbank’s solution for crypto trading is its branch in Switzerland called Sberbank (Switzerland) AG, headquartered in Zurich. Shemetov revealed that the bank’s Swiss subsidiary is building an infrastructure for trading in cryptocurrencies. He also explained that they completely build the trading infrastructure so that we can open our own positions and give customers service, that is, buy and sell for clients.
“Swiss laws allow cryptocurrency trading, and we are working on infrastructure to start offering these services through our Swiss subsidiary.”