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Tinkoff Receives License to Offer Digital Assets within Russian Jurisdiction

Russia is leveraging cryptocurrency to guarantee its market stability in the trading world.

ShahZaib Ahmed

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Tinkoff, a prominent Russian bank, has obtained a license to utilize and issue Digital Financial Assets within the country. As per the reports, the Central Bank of Russia included the entity in the formal list of companies authorised to carry out the DFA-related activities. This development took place only a few weeks following Sberbank (Tinkoff’s biggest competitor) started a DFA Trading project.

Tinkoff Gets License to Provide Digital Assets to Russian Consumers

The Sberbank has permitted the clients to access particular NFT types on the platform. Therefore, this development pushed Tinkoff to request the Central Bank of Russia for its inclusion in the DFA operators.

Before Tinkoff, the Atomyze Platform received the DFA license. Atomyze utilizes the Hyperledger Fabric Blockchain protocol. In addition to this, it gets support from Norilsk Nickel (one of the top metal mining entities).

Also Read: Exclusive: Binance Exits from Russia by Handing Over its Business to CommEX

Since the year 2022, the country has released licenses for diverse entities for DFA issuance. For example, along with Sberbank and Atomyze, Russia has also offered licenses to 6 IT ventures. Additionally, the crypto-opposing politicians are currently accepting some DFAs except Bitcoin for digital bonds and securities.

Russia Adopts Crypto to Maintain Market Stability Amid the Growing Sanctions

The authorities are making great endeavours to expand Russia’s digital financial sector. In this respect, the country recently launched the “Digital Asset Council.” The cause behind such efforts deals with the increased sanctions that the country is currently facing from its allies and the USA. Keeping that in view, the country is leveraging cryptocurrency to guarantee its market stability in the trading world.

The crypto adoption by Russia denotes a huge step in the digital asset sector. By accepting and regulating these assets, the country is welcoming broader accessibility on a worldwide scale. This move points toward the rising acceptance of cryptocurrency, likely persuading other countries to follow in its footsteps.

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