Major Russian Bank Examines Crypto Investments Amid Strong Demand

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Tinkoff Investments, the online brokerage of the large Russian private bank Tinkoff, is researching cryptocurrency investment services, although the Bank of Russia is withholding such tools from the bank.

Dmitry Panchenko, head of Tinkoff Investments, claimed the bank’s brokerage portal was considering projects related to cryptocurrency investments, but it was too early to discuss concrete ideas.

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

Panchenko stressed that, despite local regulators not yet allowing companies like Tinkoff Investments to offer crypto investment services, Russians are still actively trading crypto on foreign platforms and have crypto assets worth more than $ 15 billion on exchanges :

“One way or another, people come into contact with crypto and do so outside of the country. It would be potentially right to provide such services within the Russian legal system. This is not legally possible today, but the topic still needs to be discussed and examined in more detail. “

Panchenko added that brokerage firms like Tinkoff could benefit from the rollout of crypto investment services. He also stressed that the bank is seeing a growing demand for investments in crypto in particular, as opposed to using crypto for payments, which is prohibited in Russia by the country’s crypto law “On Digital Financial Assets”.

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

Related: $ 500 billion worth of Russian crypto market despite poor regulation, says Exec

The news comes months after Oliver Hughes, CEO of Tinkoff, alleged that Russia’s central bank was preventing Tinkoff from offering crypto trading services. “At the moment there is no mechanism for us to offer them this product in Russia because the central bank has this very difficult position,” said Hughes.