Russa’s Sberbank Completes First DFA Transaction Valued $16M

• Atomyze was the first Russian firm to be granted a trading permit.
• The government has sent mixed messages on the legality of cryptocurrencies.

SberFactoring, a subsidiary of Russia’s largest bank Sberbank, conducted its first DFA transaction, valued at around 1 billion rubles ($16 million), only a few months after Sberbank got a trading license for Digital Financial Assets (DFAs).

The bank’s Deputy Chairman, Anatoly Popov, said that the first transaction would occur within a month. This move follows this remark. In an interview that aired in the middle of last month, he revealed this to TASS, a state-run media outlet.

Search For Alternatives Amid Sanctions

Having been granted the permit, Sberbank could tell customers that it will be using blockchain and smart contracts to conduct digital asset transactions. Atomyze, on the other hand, was the first Russian firm to be granted a trading permit for digital assets. On top of that, Atomyze offers digital financial assets backed by metals.

Russian second-largest bank VTB announced ambitions to trade digital assets and executed the first digital ruble DFA exchange sometime in June. While Russia continues to monitor cryptocurrency transactions, the country’s government is expected to implement rules shortly.

The government has sent mixed messages on the legality of cryptocurrencies in the country. Moscow Exchange (MOEX) has the potential to host a regulated crypto exchange, according to Russian legislator Anatoly Aksakov. The Russian central bank has been stating the exact opposite about crypto.

The bank’s governor, Elvira Nabiullina, stated:

 “Cryptocurrencies should not be traded on organized marketplaces because these assets are too volatile, too risky for potential investors.”

The United States is attempting to further isolate Russia’s economy from the global financial system by asking Japan to shut down crypto exchanges with ties to Russia. Because it invaded Ukraine, Russia has been subjected to tougher sanctions from the rest of the globe. Despite the ambiguous legal status of cryptocurrencies, Russians continue to trade them on overseas exchanges.

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