Tinkoff Investments, an online broker for Tinkoff, a major Russian private bank, is looking into crypto investment services despite the Bank of Russia being banned from launching such tools.

The head of Tinkoff Investments, Dmitry Panchenko, said that the bank’s broker portal is studying projects related to investing in cryptocurrency, but it is too early to discuss concrete ideas.

Panchenko said Thursday in an interview with local news agency TASS that the company is currently working on research and development initiatives targeting a number of cryptocurrency-related services. Tinkoff Investments has a strong focus on crypto products from companies like international payment giant PayPal, as well as crypto-friendly apps like Revolut and Robinhood.

Panchenko stressed that although domestic regulators do not allow companies like Tinkoff Investments to provide crypto investment services, Russians are still actively trading cryptocurrencies on foreign platforms, and have more than $15 billion worth of cryptocurrency on exchanges:

“Somehow people can access cryptocurrency and do it outside the country. It is probably appropriate to provide such services within the framework of the Russian legal system. Today it is legally impossible, but the issue requires further discussion and study.”
Panchenko added that brokerages such as Tinkoff would benefit from providing crypto investment services. He also stressed that the bank sees an increase in demand, especially for investments in cryptocurrencies, and not for the use of cryptocurrencies for payments, which is prohibited in Russia under the Cryptocurrency Law “On Digital Financial Assets.”

Tinkoff did not immediately respond to a request for comment from Cointelegraph.

On the topic: Russian crypto market is worth $500 billion despite poor regulation, CEO says

The news comes a few months after Tinkoff CEO Oliver Hughes said the Russian Central Bank was blocking Tinkoff from offering cryptocurrency trading services. “We don’t currently have a mechanism to introduce this product to them in Russia because the central bank is very difficult,” Hughes said.

Source: CoinTelegraph

LEAVE A REPLY