Sberbank Enables DFA Trading For Private Investors
Sberbank, the largest bank in Russia, is set to introduce trading of digital financial assets (DFA) for accredited private investors starting from June. Initially planned for the end of the first quarter of 2023, this offering was delayed but is now ready for launch.
From June, Sberbank, the biggest bank in Russia, will allow accredited private investors to trade using digital financial assets (DFA)https://t.co/wnXED45jEB
— crypto.news (@itscrypto_news) June 11, 2023
DFA Trading and Cash Exchange Option
Anatoly Popov, the Deputy Chairman of the Board of Sberbank, announced that users will have the freedom to trade DFAs on the bank’s platform and even exchange them for cash. The exact date for the service’s launch has yet to be determined.
The issuance, accounting, and circulation of DFAs rely on Sberbank’s proprietary blockchain, which enables the deployment of smart contracts and is compatible with Ethereum, a renowned smart contracts platform. The bank aims to create a solution that facilitates decentralized finance (DeFi) operations in Russia, according to Konstantin Klimenko, a representative of the bank.
Sberbank obtained approval in April 2022 to launch a platform for issuing and circulating DFAs. Popov revealed that they have already issued tens of billions of rubles in DFAs, and major borrowers are expected to connect to the platform in the coming weeks.
Boosting Cryptocurrency Adoption in Russia
This move by Sberbank suggests a potential shift in the stance of the Bank of Russia towards cryptocurrencies. Despite facing opposition from the Russian central bank, which has been hesitant to allow private cryptocurrencies, Sberbank has continued to develop its platform. Given Sberbank’s significant position in the Russian financial landscape and its extensive client base, this development may influence the regulatory environment surrounding cryptocurrencies in the country.
In addition to Sberbank, other approved financial institutions in Russia include Alfa Bank, a private bank, as well as Lighthouse, a Fintech company, and Atomyze, a tokenization platform backed by the Russian Federation.
The introduction of DFA trading by Sberbank represents a significant step in expanding the availability and acceptance of digital assets in Russia, providing accredited private investors with new opportunities for investment and diversification within the growing field of cryptocurrencies.
