Online brokerage for Russian Banks, Tinkoff Investments, is considering exploring the cryptocurrency industry despite regulatory restrictions in Russia.
Director of Tinkoff Investments Dmitry Panchenko said during an interview with local news agency TASS that although there are many possibilities in the crypto market, it is difficult for brokers to offer any crypto-related investment option because it is illegal.
“There are different approaches, but it is difficult to discuss, brokers cannot offer this service by law. The market is at the stage of research and development (research and development) in terms of tools, some new business ideas,” he said.
Dmitry added that Tinkoff ” is looking at what is in the world and what is happening in Robinhood, Revolut, PayPal. We see this evolution, but in Russia, this is not happening yet.”
In the last 24 hours, bitcoin has been down by 0.63%, with a current price of $61,205.22 as of the time of writing this. Within 24 hours, bitcoin dropped to 581,011.42 low and $62,376.60 high. The trading volume of bitcoin in the last 24 hours is $2.09B. The current market capitalization of bitcoin is $1.16T. Currently, $18.86M bitcoins are in circulation.
Stats and Image from Coin Desk
The crypto market in Russia is growing big and is worth almost $500 billion. The founder of Listing.Help Sergei Khitrov estimated the Russian crypto market to be worth 20–40 trillion rubles, that is $280–$550 billion.
He said that because Russian regulators neglect it, crypto businesses are either exiting the country or operating underground.
“We know a lot of crypto exchanges with Russian roots, but unfortunately, these exchanges are either not officially registered or just based in other jurisdictions,” he said.