Russian firm Tinkoff Investments explores crypto projects despite restrictions


Given Strong Investment Demand, Russian Firm Tinkoff Investments Explores Crypto-Related Projects, Local Says reports. This is considered a major development because Tinkoff Investments is a brokerage arm of one of Moscow’s largest online banks, Tinkoff.

However, the director of Tinkoff Investments, Dmitry Panchenko, admitted that “brokers cannot offer this service by law”. But, they potentially set the stage for research and development in terms of possible approaches, he said, add,

“We’re looking at what’s going on in the world with Robinhood, Revolut, PayPal. We are seeing this development, but in Russia it is not happening yet. “(Sic)

Earlier this year, Russia gave definition to cryptocurrency under its Digital Financial Assets Act (DFA). However, it is forbidden to use them in the country for To pay for goods and services. In addition, there are obligations imposed by the central bank restrictions on unqualified investors seeking to acquire digital assets.

Despite the restrictions, Panchenko valued that the volume of Russian assets on crypto exchanges exceeds $ 15 billion.

The Bank’s main manager also found it beneficial for brokers to make cryptocurrency available to investors along with other investment instruments such as stocks and bonds. However, Russian regulations are expected to remain prohibitive for the foreseeable future. Dmitry Marinichev, Putin’s internet ombudsman was recently quoted saying,

“I’m sure Russian crypto policies will always be prohibitive because no one is looking to allow Russians to make money from crypto trades and no one will ever allow them to make payments using money other than the ruble. It is important to be aware of this. “

Conversely, the president of the Russian Association of Cryptoeconomics, Artificial Intelligence and Blockchain (RACIB) Yuri Pripachkin had critical the regulator’s actions in the Russian crypto market. Pripachkin called the regulator’s efforts to bring the industry back under its jurisdiction “half-hearted.”

Meanwhile, Tinkoff Investments might consider alternative approaches to investing in the asset class. Panchenko noted,

“We see demand for investment purposes – not for the purpose of using it as a means of payment or transporting assets, but as an investment vehicle for investments and potential profit.”

It’s also worth noting that earlier in June Oliver Hughes, CEO of Tinkoff, also had Express his wish to offer crypto trading to his clients. However, even then, the central bank’s restrictions turned out to be a hindrance.

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