Major Russian Bank Explores Crypto Investment Amid Strong Demand

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Tinkoff Investments, the online brokerage firm of large Russian private bank Tinkoff, is seeking cryptocurrency investment services although the Bank of Russia has restrained the bank from launching such tools.

Tinkoff Investments director Dmitry Panchenko has claimed that the bank’s brokerage portal is considering projects related to cryptocurrency investing, but it is too early to discuss specific ideas.

The company is now working on research and development initiatives targeting a range of crypto-related services, Panchenko said in an interview Thursday with the local TASS news agency. Tinkoff Investments specifically examines crypto products from companies like international payments giant PayPal, as well as crypto-enabled apps like Revolut and Robinhood.

Panchenko pointed out that although local regulators do not yet allow companies like Tinkoff Investments to provide crypto investment services, the Russians are still actively trading cryptocurrencies on foreign platforms, with more than $ 15 billion in assets. cryptographic on the stock exchange:

“Somehow people are exposed to crypto and they are doing it outside of the country. It would potentially be correct to provide such services within the framework of the Russian legal system. This is not legally possible today, but the issue needs to be discussed and investigated further. “

Panchenko added that brokerages like Tinkoff would benefit from the adoption of crypto investment services. He also pointed out that the bank has seen increasing demand especially for crypto investments as opposed to the use of crypto for payments, which is prohibited in Russia by the country’s crypto law “on financial assets. digital “.

Tinkoff did not immediately respond to Cointelegraph’s request for comment.

Related: Russian Crypto Market Worth $ 500 Billion Despite Poor Regulation, Executive Says

The news comes months after Tinkoff CEO Oliver Hughes claimed the Russian central bank was blocking Tinkoff from offering crypto trading services. “There is no mechanism for us to offer them this product in Russia at the moment because the central bank has this very difficult position,” said Hughes.

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