Sberbank, Largest Russian Bank, Asks Clients To Disclose Income From Bitcoin and Crypto Assets

Clients who have a crypto portfolio on Russia’s largest bank Sberbank have t provide information about their income to the bank. This news was confirmed by the co-founder of crypto trading platform, Vladimir Smerkis who said that he is aware of a letter from the bank that requires a client to disclose crypto revenue.

Smerkis’ source transferred the amounts received from the exchange of cryptocurrencies to the Sberbank account and informed the bank about this. The credit organization, in turn, within the framework of federal law No. 115 on combating money laundering and terrorist financing, asked the client to provide information on his cryptocurrency income within five days.

Sberbank is a state-owned Russian banking and financial services company headquartered in Moscow. The company was known as “Sberbank of Russia” until 2015. Sberbank has operations in several European and post-Soviet countries. Sberbank today is the largest bank in Russia and a leading international financial institution. It is Russia’s most valuable brand and one of the world’s top 25 brands.

In case of failure to provide the information, the bank has the right to suspend work with the client, stated in the letter. “All actions of the bank are dictated by the need to comply with the provisions of 115-ФЗ. We do not provide detailed information by virtue of the law on banking secrecy, ”a representative of Sberbank said.

Smerkis states:

“We are very much perturbed by how Sberbank can appeal to terms that are not yet in Russian law.”

He thinks that it is not clear how Sberbank will be able to assess the legality of transactions conducted with cryptocurrency, in the absence of a law.

Yet, this is not to say that the institution is anti-crypto. Last year Herman Gref, the former Russian minister of economics and trade and the current CEO of the company said that he expects that cryptocurrency will have a profoundly transformative effect upon society in coming decades. Despite his longer-term outlook, Gref also expressed his belief that cryptocurrency and distributed ledger technology still needs up to five years to mature.

Earlier this year BitcoinExchangeGuide had reported about Sberbank and Alfa Bank working to offer their clients crypto-related portfolios. Both of these institutions are experimenting with cryptocurrencies to offer their clients shares in a special fund which will be trading important currencies in major exchanges. The two crypto platforms that the banks are working with are Kraken and Bitstamp.

Get Daily Headlines

Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

What to Know More?

Join Our Telegram Group to Receive Live Updates on The Latest Blockchain & Crypto News From Your Favorite Projects

Join Our Telegram

Stay Up to Date!

Join us on Twitter to Get The Latest Trading Signals, Blockchain News, and Daily Communication with Crypto Users!

Join Our Twitter

Add comment

E-mail is already registered on the site. Please use the Login form or enter another.

You entered an incorrect username or password

Sorry, you must be logged in to post a comment.
Bitcoin Exchange Guide