Značka: Sberbank

Owner of Russian bank Tinkoff acquires Swiss digital asset firm

TCS Group, the owner of the major private Russian bank Tinkoff, is gaining exposure to digital assets.The firm has invested in Swiss digital asset service provider Aximetria, which is set to become the company’s first major crypto-related outfit, local news agency The Bell reported Wednesday.Citing data from Aximetria, the report suggests that TCS purchased 4,449 Aximetria shares worth 100 Swiss francs ($108) per share. Given that Aximetria’s total share capital was about 535,000 francs ($578,000), the publication reported TCS’ stake to be around 83.2%.A spokesperson for Tinkoff confirmed the news to Cointelegraph, stating that Aximetria will be “part of the international expansion of Tinkoff Group in compliance with all the requirements of the jurisdictions of international presence.”The representative emphasized that Aximetria is “not a crypto exchange” but rather a “financial service in the digital asset industry.”At the time of writing, Aximetria’s main page includes details on the firm being part of TCS. Aximetria lets users open a “Swiss crypto account” with free deposits and withdrawals in euros or U.S. dollars. The platform says it targets clients worldwide.Source: AximetriaAmid skyrocketing demand for crypto investments, Tinkoff has been struggling to offer crypto investment services in Russia as the Bank of Russia reportedly stopped the company from launching its own suite of related services. This led to a situation where Russia has no single legal company that is based in the country and offers crypto investment.The central bank is known for its hostility to the crypto industry and Bitcoin (BTC). However, it reportedly wants to allow people to invest in crypto investment using foreign platforms.Related: Russia’s largest bank struggles to register its digital asset platformDespite the ongoing harsh stance of local regulators, Russia’s largest bank, Sber, launched a crypto exchange-traded fund in December, tracking major crypto investment firms and exchanges like Coinbase and Galaxy Digital. Formerly known as Sberbank, the state-backed firm was previously planning to launch a crypto exchange business under its Sberbank Switzerland subsidiary back in 2018.

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Russian bank Sber launches blockchain ETF tracking Coinbase, Galaxy Digital

Sber, the Russian government-backed company and the largest bank in the country, is launching a blockchain exchange-traded fund (ETF) to track the performance of major crypto companies such as Coinbase and Galaxy Digital.Sber Asset Management officially announced the news on Thursday, stating that the new ETF is linked to various blockchain and crypto industry firms, including hardware and software providers for mining and issuing crypto assets.Called “Sber — Blockchain Economy,” the fund is set to trade under the ticker SBBE and will track the eponymous index developed by Sber’s investment subsidiary SberCIB.SBBE’s portfolio will include some of the world’s biggest crypto companies, including the United States’ largest exchange Coinbase, Mike Novogratz’s investment company Galaxy Digital and blockchain software provider Digindex.According to the announcement, Sber’s blockchain ETF will be the “first ETF in Russia to allow investors to make money in the blockchain market without difficulties associated with direct development, buying, holding and selling digital currencies.”This story is developing and will be updated.

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Bank of Russia to ban mutual funds from investing in Bitcoin

The Russian central bank continues its strict policies regarding the cryptocurrency industry, now officially banning mutual funds from investing in cryptocurrencies like Bitcoin (BTC).On Dec. 13, the Bank of Russia published an official statement on regulating investment opportunities by mutual investment funds.Despite expanding the number of assets available for investment by mutual funds, the document prohibits fund managers from buying cryptocurrencies as well as “financial instruments whose value depends on prices of digital assets.”The statement emphasizes that mutual funds are not allowed to provide crypto exposure both to either qualified or unqualified investors.The Bank of Russia previously recommended asset managers to exclude cryptocurrencies from exposure in mutual funds in July 2021. According to a report by local news agency RBC, there have been no Russian mutual funds with crypto exposure despite there having been no formal ban until now.Artem Deev, head of the analytics department at the brokerage firm AMarkets, reportedly said that Russia has only one industry-related exchange-traded fund (ETF) so far. According to Deev, the fund is managed by the joint-stock management company “BrokerCreditService” and invests in companies focused on decentralized data storage and blockchain, including firms like Jack Dorsey’s Block, PayPal and Broadcom.Russia’s largest bank, Sber, is reportedly also planning to launch a blockchain-focused ETF, Sber’s asset management head Vasily Illarionov said. The ETF will be called “Blockchain Economy” and will invest in stocks related to blockchain adoption. Illarionov noted that the fund does not fall under the restrictions of the Bank of Russia and can be offered to retail investors.Related: Russia’s largest bank struggles to register its digital asset platformAs previously reported, the Bank of Russia has taken a hard stance on cryptocurrencies and has barred some big banks from offering crypto investment services. The regulator argued that such services do not “meet the interests of investors and bear great risks.”

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Russia’s largest bank struggles to register its digital asset platform

Sber, Russia’s largest bank, is apparently struggling to obtain a regulatory approval for its digital asset issuance platform as the company continues delaying registration plans.Sber CEO Herman Gref announced Dec. 7 that the bank now expects to get its digital asset issuance platform registered with the Bank of Russia by the end of 2021, local news agency Prime reported.”We are in constant contact with the central bank, and we are discussing various issues. We really want to believe that the platform will be registered by the end of this year,” Gref said.The new comments come almost a year after Sber initially filed an application with the Bank of Russia to launch a blockchain platform for its Sbercoin stablecoin in January 2021. At the time, Sber’s director of transactions, Sergey Popov, said that the registration procedure usually takes no longer than 45 days. As such, the bank was expecting to launch its platform and the stablecoin by spring 2021.While unable to move forward with the plans by the fall, Sber then said that it was planning to register its digital asset issuance platform in September.Sber did not respond to Cointelegraph’s requests for comment on the matter.Related: Crypto is a hedge for 46% of Russian retail investors, survey statesSber’s delayed plans hardly come as a surprise, as Russia’s central bank has taken a hard stance on cryptocurrencies like Bitcoin (BTC), and has even barred some major banks from offering crypto investment services. The bank has said that such services do not “meet the interests of investors and bear great risks.”In the meantime, Bank of Russia governor Elvira Nabiullina believes that tools like central bank digital currencies should serve as a good option for governments to replace decentralized cryptocurrencies.

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