Digital Assets Worth 2 Billion Rubles Issued in Russia in Less Than a Year – Bitcoin News

Digital financial assets (DFA) for a total exceeding $ 26 million were 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 began 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 entities approved by the Central Bank of Russia (CBR) began issuing digital financial assets, these have issued DFAs for 2 billion rubles (more than $26 million). The data was announced by Ekaterina Frolovicheva, general director of the tokenization service Atomyze.

Speaking at a round table in the Public Chamber ‘Digital Financial Assets – A New Tool for Attracting Liquidity’, Frolovicheva explained that the first DFA issuer was added to the Bank of Russia register on February 3, 2022, but the issuance of DFA started several months ago. afterwards.

Quoted by the Tass news agency, she also noted that the unique characteristics of DFAs make them extremely attractive and that demand is increasing. For example, hybrid digital rights combine the properties of digital financial assets and utilitarian digital rights, at the same time certifying a monetary claim and a right to demand the transfer of an asset.

Stablecoins, when not intended for settlements, as well as non-fungible tokens (NFTs) may be issued as hybrid digital rights in the Russian Federation. This is possible under the law “On Digital Financial Assets”, which came into force in January 2021. However, the country has yet to regulate operations with decentralized cryptocurrencies such as bitcoin.

Atomyze is one of the platforms authorized by the CBR to issue DFAs, together with the fintech company Lighthouse, as well as Sberbank and Alfa-Bank, Russia’s largest state 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, avoiding the risks associated with traditional instruments and bypassing financial market intermediaries, commented Maxim Trofimov, CEO of a company called Digital Assets.

Do you expect the digital asset market to continue expanding in Russia? Share your thoughts on the topic in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes the Hitchens 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.