Digital Assets Worth 2 Billion Rubles Issued in Russia in Less Than a Year
Digital financial assets (DFAs) for a total exceeding $26 million have been issued in Russia in the past year. This new market has been developing since it was regulated in 2021 and the country’s monetary authority started licensing issuers in the following year. Volume of Digital Assets Increases in Russia as Investors Seek Alternatives to Traditional Instruments
Less than a year since Central Bank of Russia (CBR)-approved entities began issuing digital financial assets, these have issued DFAs for 2 billion rubles (over $26 million). The data was announced by Ekaterina Frolovicheva, general director of the tokenization service Atomyze.
Speaking at a round table in the ‘Digital Financial Assets – New Tool for Attracting Liquidity’ Public Chamber, Frolovicheva explained that the first DFA issuer was added to Bank of Russia’s register on Feb. 3, 2022, but the issuing of DFAs started several months later.
Quoted by the Tass news agency, she also noted that the unique features of DFAs make them extremely attractive and that demand is on the rise. For example, hybrid digital rights combine the properties of digital financial assets and utilitarian digital rights, simultaneously certifying a monetary claim and а right to demand the transfer of an asset.
Stablecoins, when not intended for settlements, as well as non-fungible tokens (NFTs) can be issued as hybrid digital rights in the Russian Federation. That’s possible under the law “On Digital Financial Assets” which went into force in January 2021. However, the country has yet to regulate operations with decentralized cryptocurrencies like bitcoin.
Atomyze is one of the platforms authorized by the CBR to issue DFAs, alongside the fintech company Lighthouse, as well as Sberbank and Alfa-Bank, Russia’s largest state-owned and private bank, respectively. Another entity was recently licensed — Distributed Registry Systems, which operates the ‘Masterchain’ blockchain platform.
Russians will soon be able to invest in DFAs along with other instruments, such as stocks and bonds, while avoiding the risks associated with traditional instruments and bypassing financial market intermediaries, commented Maxim Trofimov, CEO of a company called Digital Assets. Tags in this story Crypto, Cryptocurrencies, Cryptocurrency, DFA, DFAs, Digital Assets, digital financial assets, Instruments, Investors, Law, market, Regulation, Russia, russian, Value, volume
Do you expect the digital assets market to continue to expand in Russia? Share your thoughts on the subject 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. Republican Congressman Tom Emmer Queries FDIC on Alleged Efforts to Purge Crypto Activity from US NEWS | 1 hour ago Report: US Government Auctions Off Failed Banks SVB and SNBY, Crypto Restrictions Apply NEWS | 5 hours ago
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleBitcoin, Ethereum Technical Analysis: BTC Moves Briefly Back Above $25,000 Next articleBiggest Movers: DOGE, SHIB Slip Following ECB Rate Hike 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 ItCentral Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year
The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this ... read more.NFT Sales Volume Saw a Small Uptick This Week — Moonbirds, Mutant Apes Take Top Sales UAE Airliner Emirates to Launch NFTs and Experiences in the Metaverse Iran to Increase Penalties for Unauthorized Cryptocurrency Mining Microbt Reveals Latest Bitcoin Mining Rigs — Machines Produce up to 126 TH/s With Custom 5nm Chip Design