Latest news with #ELR
Arabian Post
27-05-2025
- Business
- Arabian Post
Sber Steps into Digital Asset Market as Russia Eyes Regulated Crypto Trading
Sber, Russia's largest lender, is poised to become a market maker and liquidity provider on the country's forthcoming regulated cryptocurrency platforms, marking a significant shift in Moscow's approach to digital assets. This development aligns with the Central Bank of Russia's experimental legal regime , designed to permit cryptocurrency trading among a select group of high-net-worth individuals and institutions. Under the ELR, only 'super-qualified' investors—those with over 100 million rubles in securities and deposits or an annual income exceeding 50 million rubles —will be authorized to participate in crypto trading. The initiative, set to span three years, aims to enhance market transparency and establish regulatory standards for digital asset transactions. Sber's involvement is a strategic move, leveraging its existing license from the CBR to issue and exchange digital financial assets. This license, obtained in 2022, allows Sber to facilitate transactions involving tokenized assets backed by traditional financial instruments. By acting as a market maker, Sber will provide liquidity to the nascent crypto platforms, ensuring smoother trading experiences for participants. ADVERTISEMENT The ELR represents a cautious yet progressive step by Russian authorities to integrate digital assets into the financial system without fully lifting the domestic ban on cryptocurrency payments. While the use of cryptocurrencies for payments remains prohibited, the ELR provides a controlled environment for investment activities, mitigating risks associated with volatility and illicit transactions. The CBR and the Finance Ministry are collaborating to finalize the framework for the ELR, including the precise criteria for investor qualification and the operational guidelines for participating institutions. The initiative reflects a broader trend of regulatory experimentation in the face of evolving financial technologies and international sanctions. Russia's approach mirrors similar sandbox models adopted by other jurisdictions, aiming to balance innovation with financial stability. By restricting participation to super-qualified investors, the ELR seeks to limit systemic risks while gathering data to inform future regulatory decisions. The establishment of regulated crypto trading platforms also addresses the current reliance on foreign exchanges by Russian investors, which poses challenges for oversight and compliance. A domestic infrastructure would enable authorities to monitor transactions more effectively and enforce anti-money laundering measures. Sber's role is pivotal in this context, given its technological capabilities and extensive client base. The bank's digital asset platform, which supports the issuance of tokenized financial instruments, is expected to serve as a foundation for the new crypto trading environment. This infrastructure will facilitate the development of a regulated market, offering investors access to digital assets within a legal framework. The ELR is anticipated to commence in the latter half of 2025, following the completion of regulatory preparations and the establishment of necessary technological systems. During the pilot phase, authorities will assess the effectiveness of the regulatory measures and the performance of market participants, including Sber's role in maintaining liquidity and market stability. This initiative is part of Russia's broader strategy to modernize its financial sector and reduce dependence on Western financial systems, especially in light of ongoing international sanctions. By fostering a regulated digital asset market, Russia aims to attract investment, stimulate innovation, and enhance the resilience of its financial infrastructure. The success of the ELR could pave the way for more comprehensive integration of digital assets into Russia's financial ecosystem, potentially leading to the development of new financial products and services. However, the authorities remain vigilant about the risks associated with cryptocurrencies, emphasizing the importance of robust regulatory oversight and investor protection.
Yahoo
08-05-2025
- General
- Yahoo
‘It carried hope, heartbreak and heroism': VE Day at Bury Transport Museum
A moving ceremony to commemorate the 80th anniversary of VE Day was held at a museum in Bury this afternoon, Thursday. East Lancashire Railway (ELR) and Northern Trains hosted the hour-long event at Bury Transport Museum, opposite Bolton Street Station. It took place in front of the newly installed Lancashire and Yorkshire First World War Memorial as around 30 guests listened to emotive passages and prayers read by members of ELR and Northern Trains. Railway Mission Chaplain Mike Roberts introduced the ceremony, opening with prayers of reflection before wreaths were laid by the chairman of Bury Transport Museum, Keith Whitmore, Northern Trains technician and British Army reservist, Rob Brown and ELR chairman Mike Kelly. Mr Kelly recited wartime Prime Minister Winston Churchill's famed speech, first delivered at the House of Commons in June 1940 before Northern's Tom Parker followed with Churchill's equally poignant Christmas Eve message sent from The Whitehouse in Washington D.C a year later. Get the latest news delivered straight to your inbox by signing up to the Bury Times morning newsletter as well as our breaking news alerts. Mr Whitmore then returned to the stand to share a monologue around the importance of the railway in the Second World War, including how it became "the backbone during those years". He said: 'It carried hope, heartbreak and heroism on its tracks…the railways carried out one of the largest and fastest evacuations in history. 'In just four days, nearly 4,000 special trains evacuated more than 1.3 million schoolchildren and vulnerable adults to safety, all over and above scheduled services. 'In 1939 alone, over 254 million tonnes of goods and 90 million parcels were carried by rail, keeping Britain supplied, connected and resilient. 'Today, we don't just honour those who served on the front line but those who served on the home front in control rooms, in engine sheds, in stations and on the tracks.' Messages from those who experienced the war first-hand were played over a speaker as some guests were visibly moved to tears. READ NEXT: School celebrates milestone anniversary with parade through town centre READ NEXT: 'I felt a whirlwind of emotions': Bury man's memories 80 years on from historic event Mr Brown then read out Churchill's May 8 House of Commons broadcast, Victory in Europe, before closing prayers were conducted by Chaplain Roberts and music was played. Bury West Cllr Jackie Harris was a guest at the event. Speaking to the Bury Times, she said: 'It's been an honour to be here and hear from the speakers today. 'We must never forget the sacrifices made by those before us, as people like Winston Churchill and Vera Lynn worked tirelessly to keep up morale. 'Thank you to everyone involved in the ceremony.' The wooden war memorial, which honours 117 men from the Lancashire and Yorkshire Railway Carriage and Wagon Depot, who lost their lives during the First World War, was unveiled last month and is on permanent loan to the Bury Transport Museum. It was originally located at Newton Heath depot and was installed shortly after the war ended. Mr Whitmore added: 'We are absolutely delighted to again be working together with Northern on this very special day of national significance and in front of such an iconic memorial to remember the fallen. 'I am sure that in the future, remembrance events will bring the ELR and Northern closer and closer together to remember those in the rail industry who served their country so well and in so many cases made the ultimate sacrifice.'
Yahoo
24-04-2025
- Business
- Yahoo
Russia's Finance Ministry to Offer Crypto Trading to 'Highly-Qualified' Investors: Report
Russia's finance ministry and central bank are set to unveil a crypto exchange for "highly-qualified" investors, news agency Interfax reported on Wednesday. The exchange will "legalize crypto assets and bring crypto operations out of the shadows," Finance Minister Anton Siluanov said during a ministry board meeting, according to the report. "Naturally, this will not happen domestically, but as part of the operations permitted under the experimental legal regime," Siluanov said. The Central Bank of Russia proposed allow crypto trading within a pilot known as the experimental legal regime (ELR) in March. This would apply to highly qualified investors, a new investor category for individuals whose investments exceed 100 million rubles ($1.2 million) or an annual income exceeding 50 million rubles ($600,000). The absence of a centralized domestic crypto exchange in Russia means Russians rely on overseas trading platforms to buy and sell cryptocurrency, which the Finance Ministry and Central Bank may be seeking to counteract. The Central Bank has also proposed allowing highly-qualified investors to access derivatives and securities linked to digital assets, that do not involve the delivery of crypto to the investor but derive returns based on its value. Sign in to access your portfolio
