Fun

Russia’s Largest Private Bank Launches Digital Asset Platform

News Feed - 2023-02-06 06:02:08

Russia’s Largest Private Bank Launches Digital Asset Platform


Alfa-Bank, one of the major Russian banking institutions, has established its own platform for digital financial assets. The launch became possible after Russia’s monetary authority added Alfa-Bank to its register of digital asset issuers this week. Privately-Owned Alfa-Bank Sets Up Digital Asset Platform With Central Bank’s Permission


Russia’s Alfa-Bank has launched ‘A-Token,’ a platform allowing the issuance of digital financial assets (DFAs), the business news portal RBC reported, quoting its Director of Innovation Denis Dodon. The bank was able to do so after the Bank of Russia announced its registration as a DFA issuer on Thursday.


The authorization makes Alfa-Bank, which is the country’s biggest private bank, the second-largest banking institution that can mint digital coins, after the state-owned Sberbank, which is the largest bank in the Russian Federation in terms of assets.


The list of licensees also includes the fintech company Lighthouse, which is cooperating with VTB bank, and the tokenization service Atomyze, which is working in partnership with Rosbank. These have already issued various digital assets. Sberbank is preparing to launch a defi platform as well.


Alfa-Bank plans to issue its own DFAs on the new platform, with a pilot release scheduled for the end of February. It also wants to provide its infrastructure to other market participants. The bank hopes to work with both investment companies and private investors and A-Token will be accessible through its mobile app.


Dodon further explained that the platform will issue two types of financial instruments — DFAs equivalent to traditional financial instruments in the form of monetary claims and entirely new investment instruments, including tokenized physical assets such as precious metals.


Alfa-Bank announced its intentions to create an infrastructure for DFAs in September, 2022. Their issuance in Russia is regulated by the law “On Digital Financial Assets” which went into force in January, 2021. While this legislation is mostly devoted to digital assets that have an issuer, Russian authorities have been also developing a legal framework for decentralized cryptocurrencies like bitcoin.


Crypto payments have been considered in Moscow as a way to circumvent Western financial restrictions imposed over the war in Ukraine and a digital ruble is also in the making. Both Alfa-Bank and Sberbank have been placed under sanctions by the U.S. Treasury Department and Russian access to crypto assets has been targeted by the European Union. Tags in this story Alfa-Bank, Bank of Russia, Central Bank, Crypto, Cryptocurrencies, Cryptocurrency, DFA, DFA platform, DFAs, Digital Assets, digital financial assets, financial instruments, issuance, issuers, platform, register, registration, restrictions, Russia, russian, Sanctions, Sberbank


Do you expect other Russian banks to launch digital asset platforms in the future? Tell us in the comments section below. Lubomir Tassev


Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration. Banks in Russia to Lose $700 Million a Year Due to Digital Ruble, Experts Say FINANCE | 3 days ago Crypto Bank Custodia Denied Membership in US Federal Reserve System FINANCE | Jan 29, 2023


Image Credits: Shutterstock, Pixabay, Wiki Commons, Olga Zinovskaya / Shutterstock.com Previous articleMarket Strategist Predicts Gold Will Be the Top Performer in 2023 Over Cryptocurrencies and Equities Next articleJPMorgan: 72% of Institutional Traders Surveyed ‘Have No Plans to Trade Crypto’ Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItRipple CEO: SEC Lawsuit Over XRP "Has Gone Exceedingly Well"


The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.Goldman Predicts US Recession Odds at 35% in 2 Years, John Mauldin Wouldn"t Be Surprised if Stocks Fell 40% FBI Issues Alert Concerning Malicious State-Sponsored North Korean Hackers Targeting Crypto Firms Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing Terra"s Algorithmic Dollar-Pegged Crypto UST Is Now the Third-Largest Stablecoin

News Feed

Ethereum Holds Critical Long-Term Channel – Next Move Could Be Parabolic
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Alphabit Digital Currency Fund Deploys Initial Investment in Stratis Protocol and Initiates Coverage
Alphabit Digital Currency Fund Deploys Initial Investment in Stratis Protocol and Initiates Coverage PRESS RELEASE. Stratis’ innovative blockchain solution
MicroStrategy completes $800M note offering to buy more Bitcoin
Helen Partz2 hours agoMicroStrategy completes $800M note offering to buy more BitcoinMicroStrategy completes $800 million convertible note offering to acquire more Bitcoin and for “general corporate purposes.”905 Tot
President of Central Bank of Brazil Disagrees With ‘Heavy Hand’ Regulations for Cryptocurrencies
President of Central Bank of Brazil Disagrees With "Heavy Hand" Regulations for Cryptocurrencies The president of the Central Bank of Brazil, Roberto Campos Neto, has defended the
John McAfee Arrested, Indicted for $23 Million Illegal Crypto Pumping and Tax Evasion in US
John McAfee Arrested, Indicted for $23 Million Illegal Crypto Pumping and Tax Evasion in USJohn McAfee has been arrested and indicted for tax evasion, the U.S. Department of Justice
Bittrex Target of Latest $1 Million Crypto SIM Hack Lawsuit
Crypto exchange Bittrex is being sued over a SIM swap that netted criminals 100 bitcoin, currently worth nearly $1 million. The case resembles other recent high-profile heists in wh
ECB Paper Marks Success Factors for CBDCs, Digital Euro
ECB Paper Marks Success Factors for CBDCs, Digital Euro A paper published by the European Central Bank (ECB) discusses various conditions for successful implementation of central b
Spot Bitcoin ETFs attract investor interest despite August outflows
Amaka Nwaokocha13 hours agoSpot Bitcoin ETFs attract investor interest despite August outflowsThe positive inflows into ETFs from major players like Fidelity and BlackRock highlight the growing confidence in the investme
Hong Kong Regulator Reminds Investors of Risks Associated With NFTs
Hong Kong Regulator Reminds Investors of Risks Associated With NFTs Hong Kong’s securities regulator has warned investors to be wary of risks that are associated with non-fu
Bitgo Launches Storage and Tracking Solution for Bitcoin-Based Ordinal Inscriptions
Bitgo Launches Storage and Tracking Solution for Bitcoin-Based Ordinal Inscriptions On Thursday, digital asset custody provider, Bitgo, announced the launch of its storage and trac
$9M and Over 4,500 Fusions – Bitcoin Cash Supporters Anticipate the Cashfusion Audit
$9M and Over 4,500 Fusions - Bitcoin Cash Supporters Anticipate the Cashfusion AuditSince November 28, 2019, the Cashfusion protocol has helped facilitate 4,583 fusions to-date with
Ukraine Targets Russian Politicians’ Crypto Wallets as Russian Banks Are Cut From SWIFT
Ukraine Targets Russian Politicians’ Crypto Wallets as Russian Banks Are Cut From SWIFT Ukraine is now trying to expose cryptocurrency wallets used by politicians in Moscow amid