Tinkoff Investments, the online brokerage of Tinkoff, a major Russian private bank, is investigating cryptocurrency investment services, despite the Bank of Russia’s prohibition on the bank launching such tools.
Dmitry Panchenko, the head of Tinkoff Investments, stated that the bank’s brokerage portal is considering projects related to cryptocurrency investment, but it is too early to discuss specific ideas.
Panchenko told local news agency TASS on October 28 that the company is now working on research and development initiatives aimed at a variety of crypto-related services. Tinkoff Investments is particularly interested in crypto products from companies such as international payment giant PayPal, as well as crypto-friendly apps such as Revolut and Robinhood.
Panchenko emphasized that, despite local regulators’ refusal to allow firms like Tinkoff Investments to provide crypto investment services, Russians are still actively trading crypto on foreign platforms, with more than $15 billion in crypto assets on exchanges:
“People get exposed to cryptocurrency in some way, and they do so outside of the country.” Within the Russian legal system, providing such services could be permissible. This is not legal at the moment, but the issue needs to be discussed and studied further.”
Panchenko also stated that the adoption of crypto investment services will benefit brokerages such as Tinkoff. He also emphasized that the bank has seen an increase in demand for crypto investments as opposed to using crypto for payments, which is prohibited in Russia under the country’s crypto law “On Digital Financial Assets.”
Tinkoff CEO Oliver Hughes claimed months ago that the Russian central bank was preventing Tinkoff from offering crypto trading services. “At the moment, there is no mechanism for us to offer that product to them in Russia because the central bank is in this very difficult position,” Hughes explained.