Sberbank is gearing up to launch a cryptocurrency exchange. The business of cryptocurrency exchanges is becoming more and more lucrative for traditional companies. The reason for this is that the number of cryptocurrency investors are increasing day by day. Owing to this, more and more traditional financial industry companies are looking to tap into the cryptocurrency industry.
The latest to join the list is the largest bank of Russia. It is opening a cryptocurrency trading platform in its Switzerland branch Andrey Shemetov, Head of Global Markets at the bank stated that even though Russia does not consider cryptocurrency trading as legal but it is completely legal in Switzerland. Owing to this very reason, they are planning to serve the needs of the customers through their Switzerland branch.
According to him, the bank is currently building up the infrastructure in order to open the cryptocurrency exchange. He was quick to add that the cryptocurrency exchanges would only be available for trading to legal entities. An earlier statement by the head of the same bank stated that banning of cryptocurrencies would not be the right step. He was of the opinion that cryptocurrency is actually a new technology whose importance cannot be understood at this point of time. Banning it would be a hasty step.
Russia also trying to regulate the cryptocurrency market as it introduced the digital assets regulation bill. It supervises and creates a regulatory framework for not just cryptocurrencies but also ICOs as well as mining operations of cryptocurrencies. Moreover, it also supervises the cryptocurrency exchanges as well.
The main goal of the bill is to provide a legal framework for the traders as well as investors to take a cryptocurrency trading. This would also generate a additional tax revenue for the government.
The cryptocurrency trading platform which would be provided by one of the largest banks in the country would actually be beneficial for the citizens as well as legal entities who want to trade in cryptocurrencies. It would also provide them with the trustworthy platform in order to trade in cryptocurrencies which would help the investors as well as traders all across the world. This would indeed be a step in the right direction for the bank.
With more and more companies from the financial industry tapping into the cryptocurrencies space, the credibility of the cryptocurrency industry would go on increasing.
This would attract even more number of investors to the cryptocurrencies space which would significantly benefit all the cryptocurrency investors.