Tinkoff Bank, one of Russia’s major banking players, has obtained a license to issue and sell “digital financial assets” (DFAs) in the country. The Central Bank of Russia added Tinkoff to its list of approved DFA operators on March 28, as reported by Interfax.
This move by Tinkoff follows closely on the heels of its rival Sberbank, which recently launched a DFA trading platform. Sberbank’s platform could potentially offer access to various types of non-fungible tokens (NFTs) to its customers.
The Central Bank of Russia initiated its DFA register in February 2022, with Atomyze being the first platform granted approval. Tinkoff Bank has also invested in Atomyze and aims to capitalize on this relationship as it ventures into the DFA market.
Tinkoff Bank expressed optimism about the DFA market’s potential, highlighting its plans to conduct experiments and launch new products leveraging its technological expertise. The bank sees DFAs as a means to diversify financial instruments in the Russian market and democratize access to capital markets.
In recent years, the term DFA in Russia has evolved to encompass various blockchain-powered assets beyond cryptocurrencies like Bitcoin. This includes digital securities, bonds, tokenized real estate assets, and central bank digital currencies (CBDCs). The Russian government has shown support for the domestic DFA market’s growth, with initiatives such as the recent law allowing firms to use DFAs for payments and the establishment of a digital assets council by the largest banking union in the country.
Tinkoff Bank’s entry into the DFA market shows a growing interest and development opportunities in Russia’s digital asset landscape. With regulatory approvals and increasing government support, the DFA market in Russia is well suited for expansion, offering new avenues for innovation and investment in the financial sector before the Bitcoin Halving.
