The largest Russian bank, Sberbank, will be carrying out a digital asset transfer for the first time ever, on Sberbank’s own proprietary platform in a month’s time.
Sberbank Works On Deal For Digitized Financial Assets With a Dedicated Platform
Anatoly Popov, deputy chairman of Sberbank’s board, has stated in Tass, that Sberbank will conduct its first ever digitized transfer of assets in a month’s time. Sberbank has been included in the Central Bank of Russia’s registry of operators, allowing it to issue financial digitized assets. The existing Russian law describes any cryptocurrencies like Bitcoin, along with others such as NFTs (Non-Fungible Tokens), as “digital financial assets”.
Serbank’s Approach
Serbank is observing the progress of new digital technologies, along with the development of decentralized finance (DeFi) / distributed ledgers. They are also keenly watching the evolution of blockchain technology and blockchain applications.
Serbank’s deputy chairman further pointed out that the platform for digital assets has passed the required acceptance test. A media release from March 2022 gives information on how DFAs would be released and circulated via the platform built using blockchain technology.
Other corporations and companies can then use the platform to release their digital financial assets to pull in more investments.
Summary
Currently, the new Russian regulation relating to digitized financial assets, in force from January 2021, stands as the primary legislation which allows regularization of Non-Fungible Tokens (NFTs) and cryptocurrency in Russia. The introduction of new rules is to monitor and govern activities related to issuance of cryptocurrency and raising funds via tokens. However, activities like cryptocurrency trading and mining is not yet regulated.
