On March 28, the Bank of Russia added Tinkoff Bank to the registry of operators of information systems for the issuance of digital financial assets (DFAs).
The regulator approved the relevant rules with the credit organization.
In addition to Tinkoff, licenses for DFA issuance in Russia are also held by: Atomyze, Lighthouse, Sberbank, Alfa-Bank, Masterchain, Eurofinance Mosnarbank, Tokeon, SPB Exchange, Blockchain Hub, and the National Settlement Depository.
Three of these entities—Atomyze, Lighthouse, and Masterchain—were added to the sanctions list of the OFAC on March 25. This decision followed a month after Russia approved the use of DFAs and utility digital rights in international transactions.
Tinkoff, along with 35 other Russian banks, is also under U.S. sanctions.
The first DFA exchange operator was the Moscow Exchange in August 2023. On March 21, it was joined by SPB Exchange, which is also on the OFAC blacklist.
The crypto community has met the possibility of international DFA transactions with caution, fearing increased control over stablecoin transactions. The latter remain more convenient for businesses compared to DFAs, which have several issues.
Previously, the Bank of Russia stated that it does not rule out discussing the possibility of cross-border cryptocurrency transactions, as there is “demand from exporters and importers under sanctions.”