Local media outlet Kommersant reported last week about two of the largest Russian banks and their plans to offer crypto-based investment options. Alfa-Bank and Sberbank have begun experimenting with new products based on “digital financial assets” or CFA after a meeting last Wednesday. The banks will be operating within the regulatory sandbox of the central bank to fulfill the demands of wealthy private clients who will be provided “boxed” solutions based on the top 6 most reliable cryptocurrencies.

Russia is preparing to define, legalize and regulate cryptocurrencies soon. The parliament has already approved the first draft of the law. Banks see this as an opportunity to target their high net worth clients who are interested in investing in digital currencies.

Sberbank deputy head of private banking Anna Ivanchuk explained their ambitions: “We want to offer our clients a completely transparent entry point for digital assets, fully in compliance with regulatory requirements and which allows investment within Russia in a product that interests them.”

These new investment vehicles will allow clients to withdraw their crypto money to fiat at will. On the other hand, their digital assets will be controlled by Group IB through bespoke “custody solutions.”

The new products will include only six reliable cryptos in the beginning, including Bitcoin, Ethereum, Bitcoin Cash and Litecoin.

The products being tested in the pilot project are created by Working Groups of the “Forward Compatibility With the Regulator” or OCP. Private divisions of Alfa-Bank and Sberbank are involved in this project, along with AddCapital fund and the National Settlement Depository (NSD). AltHaus and Group IB have been roped in for legal and cybersecurity support, respectively.

Alfa-Bank’s Anton Rakhmanov, managing director for the development of the product offer, said:

“Our goal is to accelerate the adoption of a decision on the recognition of the CFA investment assets and introduce them into the legal field as quickly as possible.”

The post Two of the Largest Russian Banks Testing Crypto-based Investments for Retail Investors appeared first on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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