The Central Bank of Russia has added another entity to its register of authorized issuers of digital financial assets.
Established in April, 2021, Distributed Registry Systems is an IT company specialized in developing blockchain-based solutions for the financial, transport, logistics, and other industries. Several large Russian banks, Moscow Stock Exchange and Association “Fintech” are among its founders.
Initially, the company plans to issue digital financial assets for rights to monetary claims, either in the form of bonds that are not linked to specific assets, or as structural instruments linked to various assets, a press release detailed. In the future, other types of DFAs will be launched on its platform. Earlier this month, Moscow Credit Bank, the biggest private regional bank in Russia,DFAs, digital assets that have an issuing entity, were regulated in Russia with the law “On Digital Financial Assets” which went into force in January, 2021.a bill on first reading that will allow financial platform operators to also develop and manage blockchain platforms.
Russia is yet to regulate decentralized cryptocurrencies like bitcoin. Amid Western sanctions imposed over the invasion of Ukraine, including financial restrictions, support has increased in Moscow for legalizing at least some crypto operations, in cross-border payments, for example.
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