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Russian Sovcombank Announces Timeline for Launching Cryptocurrency Operations, 2026/04/02 12:55:51
Sovcombank intends to initiate cryptocurrency operations for qualified investors this year, contingent upon the enactment of relevant legislation, stated Deputy Chairman of the bank, Mikhail Avtukhov.
He indicated that the commencement of such operations could occur within the current year, provided that the law regulating digital assets is adopted. He emphasized that the establishment of a legal market for crypto assets hinges on the emergence of a flexible regulatory framework that allows for prompt adjustments as the sector evolves.
“We are actively participating in the ongoing process and, should legislative measures be enacted, we aim to enable our clients—primarily qualified investors—to conduct initial transactions,” Avtukhov remarked.
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He further noted that banks possess experience in handling complex financial instruments and client protection mechanisms, which could enable them to assume a pivotal role in the cryptocurrency market infrastructure:
“All of this lays the groundwork for banks to play a central role in trading operations and in the developing infrastructure, including in crypto assets,” the Sovcombank representative highlighted.
Specifically, financial institutions may undertake responsibilities such as selecting investors based on established criteria, ensuring transaction transparency, and creating tools to mitigate risks.
Previously, the Russian government submitted a draft law titled “On Digital Currency and Digital Rights” to the State Duma.
