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Tinkoff Bank Granted License for Digital Financial Assets
Tinkoff Bank, a major player in the Russian banking sector, has successfully obtained a license to issue and trade “digital financial assets” (DFAs) within the country. This significant development was reported by Interfax, confirming that the Central Bank of Russia officially included Tinkoff in its list of approved DFA operators on March 28.
Tinkoff’s Strategic Move
Following its rival Sberbank’s recent launch of a DFA trading platform, Tinkoff’s entry into the DFA space marks a strategic move for the bank. Sberbank’s platform is anticipated to offer access to various types of NFTs in the future.
Development of DFA Market in Russia
The Central Bank initiated its DFA register back in February 2022 with the approval of the Atomyze platform, which operates on the Hyperledger Fabric blockchain protocol. Notably, Atomyze is supported by Norilsk Nickel, a prominent Russian metals mining company that made headlines by utilizing blockchain technology to distribute dividends to its employees.
- Sberbank and Lighthouse also received regulatory approval for their DFA initiatives in March 2022.
- In 2023, the Central Bank expanded its register by adding six IT startups and granting permission to Alfa-Bank, another leading Russian bank, which launched its DFA platform in the previous month.
Tinkoff Bank’s Perspective
According to a spokesperson from Tinkoff Bank, the institution recognizes the vast potential of the DFA market, citing their expertise in developing technological products used by millions daily. The bank aims to experiment with DFAs to introduce innovative financial products to the market, enhancing the diversity of financial instruments available in Russia.
The spokesperson emphasized that DFAs will play a crucial role in democratizing access to capital markets for a broader audience, signaling a positive outlook for the DFA market in the country.
Broader Definition of DFAs in Russia
While the term DFA has historically been associated with cryptocurrencies like Bitcoin in Russia, recent shifts have broadened its scope to include digital securities, bonds, tokenized real estate assets, and central bank digital currencies (CBDCs) like the digital ruble project.
President Vladimir Putin’s recent approval of a law enabling the use of DFAs for payments between Russian firms and international partners further underscores the growing acceptance and adoption of digital financial assets in the country.
In line with these developments, Russia’s banking sector is gearing up for the expansion of the DFA market, supported by initiatives such as the establishment of a digital assets council and endorsements from senior lawmakers for fostering growth in the domestic DFA ecosystem.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
