The Russian Central Bank has registered the country’s first digital asset manager

In late 2021, the deputy governor of the Bank of Russia stated that the bank would only accept crypto investment through foreign enterprises.

The Bank of Russia formally stated Thursday that Atomyze, a tokenization service, has been registered as the country’s first digital asset management company.

The Bank of Russia has formally declared the regulations of the company’s information system and the platform’s technical implementation to be compliant with Russian law, according to the announcement.

Atomyze will be able to offer its clients the ability to issue digital financial assets, or DFAs, on its platform as well as get “new forms of assets in the tokenized form” as a result of the registration. Because the rules of DFA exchange are “integrated into the information system rules,” the organisation will be able to “independently conduct out exchange activities within its platform.”

“The Bank of Russia has made measures for enhancing the regulation of such assets and their taxation in order to further expand the DFA, which will boost the appeal and applicability of digital financial instruments.” These recommendations will be discussed in the near future in the form of a regulatory consultation paper, according to the central bank.

Atomyze is a blockchain startup established in Russia that focuses on “digitization of various assets and processes through distributed ledger technologies including, but not limited to DFA,” according to its website.

Atomyze received money from Interros, a Russian corporation and investment organisation co-founded by local billionaire entrepreneur Vladimir Potanin, in June 2021. With a net worth of $28.8 billion, the Russian oligarch is Russia’s second richest person. During Russia’s privatisation in 1995, he gained a fortune by purchasing a part in Norilsk Nickel, a nickel and palladium mining and smelting firm.

The Worldwide Palladium Fund was one of the first issuers on the Atomyze global platform, according to a separate Interros release. On six European stock markets, including those in London and Frankfurt, the firm introduced digital exchange-traded commodities backed by Norilsk Nickel holdings.

Interros said that “Atomyze became the first tokenization platform in Russia to acquire regulatory permission,” and that its ecosystem comprises tokenization platforms not only in Russia but also in other jurisdictions such as the United States and Switzerland. The following is also stated in the announcement:

“This will assure Russia’s “digital equality” in the global digital economy, make it easier for Russian businesses to reach international markets, and allow Russia to attract more foreign money.”

As previously noted, the Bank of Russia has been vocal in its opposition to local businesses offering digital currency-related services, such as cryptocurrency investment. Tinkoff, a major local private bank, bought a foreign crypto-related company in early January after the Bank of Russia apparently prevented the company from launching its own suite of related services last year.

Vladimir Chistyukhin, deputy governor of the Bank of Russia, indicated in late 2021 that the bank would only allow Russians to participate in crypto through foreign crypto infrastructure.

 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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