Digital Assets for 1 Billion Rubles Issued in Russia in a Month.
08 May 2023, 08:00
Digital Assets for 1 Billion Rubles Issued in Russia in a Month
Platforms authorized by the Russian government issued digital assets worth around a billion rubles in April, the local press reported. The spike in the volume has been attributed to Russian companies experimenting with new financial instruments amid limited access to traditional capital.
Russia’s Digital Assets Market Livens Up as Capital Markets Dry Up for Russian BusinessesSeven placements of digital financial assets (DFAs) for a total of about 1 billion rubles ($13 million) were made in Russia last month, the Kommersant reported. Experts quoted by the business daily note that while this market is still rather small, significant projects may be expected by the end of this year.
DFAs are relatively new instruments in Russia defined in the law “On Digital Financial Assets” that went into force in January 2021. Unlike decentralized cryptocurrencies, which are yet to be comprehensively regulated, these represent “digital rights” to securities or utility tokens and must have an issuing entity.