TL; DR Breakdown
- Tinkoff investments is looking into crypto investment services
- The research is still at an early stage but could benefit businesses.
- Government stance on crypto is forcing Russian traders abroad
Bitcoin and other digital assets have seen massive adoptions in the last few years. These assets get mentioned in the news, which is no small number. This feat, even though significant, can be tied to the massive bill runs that the digital assets are currently witnessing.
For instance, Ethereum just made a new all-time high with the bulls still in the market. This action has driven up consumer interest in the market, with investments and individuals wanting to get a piece of the digital asset. Tinkoff investment, the arm of Tinkoff bank that provides brokerage services, is looking into crypto investment services.
Crypto investment services research is still at an early stage
The firm’s research is coming off the back of a previous statement by the premier bank in Russia claiming that they have warned banks from providing services related to that. Dmitry Panchenko, one of the company’s executives, mentioned that although they are reviewing specific projects regarding crypto investment services, they do not have a framework for it yet.
In an interview that he granted, Panchenko mentioned that they are still at the research phase and are looking into certain crypto investment services. Tinkoff investments also noted that it would focus its scope on companies providing such services. For example, they mentioned payment big wigs PayPal and other apps like Revolut and Robinhood that use crypto. Panchenko reiterated that Russians are trading assets on platforms outside the country, with the firms and other investments not allowed to provide crypto services.
In his statement, Panchenko mentioned that Russians now own assets worth $15 billion across the exchanges. He said that once a person gets insight into crypto, he ventures into platforms abroad to trade. He stressed the fact that trading and providing crypto investment services is something that should be legal across the country.
Tinkoff CEO wary of Central banks stance on crypto trading
Trading crypto is illegal in Russia, but Panchenko believes the government could access the situation and provide a framework for regulation. He also mentioned that his firm and other platforms will benefit immensely if the government approves crypto investment services in the country. Panchenko notes that banks users demand crypto investments more than they do crypto trading from banks.
In the Digital Financial Assets law established in the country, nobody is allowed to pay for goods or services using crypto. This news is coming exactly one month after the Tinkoff head Oliver Hughes said that his firm could not offer trading services due to the order from the government. Hughes positioned that the Central bank’s stance in the country will hinder the provision of crypto investment services in the country.