Tinkoff Bank, one of the leading banks in Russia, has obtained a permit to issue and sell digital financial assets (DFAs) in the country. This news was reported by Interfax, stating that the Central Bank of Russia added Tinkoff to its list of approved DFA operators on March 28.
The move by Tinkoff comes shortly after its main competitor, Sberbank, launched a DFA trading platform. In addition, the Central Bank introduced its DFA register in February 2022, granting approval to the Atomyze platform. Atomyze, which utilizes the Hyperledger Fabric blockchain protocol, is supported by Norilsk Nickel, a Russian metals mining giant that embraced blockchain technology by paying dividends to its employees with a blockchain-powered coin.
Sberbank and Lighthouse, a DFA-focused startup, also received regulatory approval for their DFA plans in March 2022. Furthermore, the Central Bank expanded its register in 2023, adding six IT startups and granting a permit to Alfa-Bank, another major Russian bank, in February 2023. Alfa-Bank has already launched its own platform.
Tinkoff Bank has invested in Atomyze and aims to leverage this partnership as it enters the DFA market. A spokesperson for the bank mentioned that they see great potential in the DFA market and plan to conduct experiments to develop new products. They believe that DFAs will diversify the financial instruments available in the Russian market and democratize access to capital markets for everyone.
The term DFA in Russia has been used to refer to various blockchain-powered assets, including cryptocurrencies like Bitcoin, digital securities, digital bonds, and tokenized real estate assets. Recently, politicians have also associated DFAs with central bank digital currencies (CBDCs), such as the digital ruble project. The implementation of DFAs as a payment tool for Russian firms and their overseas trading partners was authorized by President Vladimir Putin in mid-March.
The introduction of DFAs by Tinkoff Bank is expected to contribute to the growth and development of the DFA market in Russia, with senior lawmakers and the country’s largest banking union expressing support for this emerging sector.