Tinkoff which is a leading Bank of Russia got a license to issue and use Digital Financial Asset (DFA’s) in Russia. Coin Gabbar reported that the Central Bank of Russia added Tinkoff to its official list of approved DFA operators.
The reason behind Getting a Licence
The move came from Tinkoff just a few weeks after its biggest rival and competitor Sberbank launched a DFA Trading Platform. The Sberbank has allowed its customers access to certain types of NFTs on their platform. Hence, this move sparked Tinkoff to ask the Central Bank of Russia to include Tinkoff in its DFA register which was launched in February 2022 after the Atomyze Platform got the License of DFA. Atomyze makes use of the Hyperledger Fabric Blockchain protocol and is backed by one of the leading metal mining firm Norilsk Nickel which is a Blockchain Enthusiast.
Since 2022 Russia has issued licenses to various firms to deal in DFA for ex After Atomyze issued a license to Sberbank, then to six IT startups and Russian Politicians who are opposed to Cryptocurrency like Bitcoin have now accepted Some DFAs other than Bitcoin for ex Digital Securities, Digital Bonds etc.
With the Growing efforts of Russia in Digital financial Asset like the launching of the “Digital Asset Council” in January and support by Senior Law Makers to DFA is because of the rising sanctions on Russia by the USA and its Allies hence Russia is taking support of Crypto Assets to ensure stability in their market and they can easily trade in the world.
Russia's embrace of cryptocurrency marks a significant step forward for the digital asset realm. By recognizing and regulating cryptocurrencies, Russia opens doors for wider adoption and accessibility on a global scale. This move signals the growing acceptance of digital currencies, potentially inspiring other nations to follow suit. Increased popularity and regulation can lead to enhanced trust and stability within the crypto market, encouraging more people worldwide to participate. As a result, cryptocurrency becomes a more recognized and viable option for individuals seeking financial alternatives, ultimately democratizing access to digital assets for people from all walks of life.
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