Tinkoff Bank Wins ‘Digital Assets’ Operating Permit in Russia

Tinkoff Bank, one of Russia’s major banking players, has secured a license to issue and sell “digital financial assets” (DFAs) within the country. The Central Bank officially added Tinkoff to its list of approved DFA operators on March 28.

Tinkoff Bank’s entry into the DFA market comes in the wake of its main competitor, Sberbank, launching its own DFA trading platform. Sberbank’s platform may eventually grant customers access to specific types of non-fungible tokens (NFTs). The Central Bank established its DFA register in February 2022, granting approval to the Atomyze platform, which utilizes the Hyperledger Fabric blockchain protocol. Notably, Atomyze is backed by the blockchain-savvy Russian metals mining giant Norilsk Nickel, which made history by paying employee dividends using a blockchain-powered coin.

DFA Landscape in Russia

Sberbank received regulatory approval for its DFA plans in March 2022, alongside Lighthouse, a DFA-focused startup. In 2023, the Central Bank expanded its register to include six IT startups and granted approval to Alfa-Bank, another Russian megabank. Alfa-Bank launched its own platform in early 2024. Tinkoff Bank, having also invested in Atomyze, aims to leverage this relationship as it seeks to gain ground in the DFA market.

Unlocking Financial Access

A Tinkoff Bank spokesperson expressed optimism about the DFA market, emphasizing the institution’s extensive experience in creating technological products used by millions of people daily. The bank plans to experiment with DFAs to introduce new products, ultimately increasing the variety of financial instruments available in the Russian market. By doing so, they aim to democratize access to capital markets for everyone.

The Expanding Definition of DFAs

The term “DFAs” has evolved in Russia. Initially associated with cryptoassets like Bitcoin, it now encompasses other blockchain-powered coins, including digital securities, digital bonds, and tokenized real estate assets. Additionally, it extends to central bank digital currencies (CBDCs), such as the digital ruble project. President Vladimir Putin recently signed a law allowing Russian firms and their overseas trading partners to use DFAs as a payment tool.