Sberbank, the largest bank in Russia, will soon allow accredited individual investors to trade Digital Financial Assets (DFA) starting in June.
Local sources have reported this news, though it is worth noting that the offering was planned for the end of Q1 2023. According to Anatoly Popov, the deputy chairman of the board at Sberbank, customers will have the freedom to trade DFAs. Therefore, they can even exchange them for cash using the bank’s platform.
The exact debut date for this service is still unknown. Sberbank utilizes its private blockchain, which supports Ethereum and enables smart contracts, to issue, account for and circulate DFAs. Konstantin Klimenko commented that the aim is to develop a system that facilitates decentralized finance (DeFi) activities in Russia.
In April 2022, Sberbank received permission to develop a platform for issuing and distributing DFAs. Currently, concerns amounting to tens of billions of rubles exist, in the coming weeks, significant borrowers are expected to connect to their DFA issuance and circulation systems.
Sberbank had applied for permission to introduce their stablecoin in 2021. The Russian Central Bank, which has been cautious about approving private cryptocurrencies resisted their request.
However, given Sberbank’s influence and status in the Russian financial system, the central bank’s stance may have changed in light of recent developments.
In addition to Sberbank, the Russian private bank Alfa Bank has also received authorization to issue digital assets. Other licensed financial institutions include Fintech firm Lighthouse and the Russian Federation-backed tokenization platform Atomyze.
