DFA issuance in Russia has reached around 2 billion rubles

Digital financial assets (DFA) have been issued in Russia for less than a year, and their total issuance has already reached about 2 billion rubles. This was announced by Atomyze chief Ekaterina Frolovichyeva, according to ТАСС.

Atomyze obtained the status of operator of the information system on 3 February 2022. However, that date cannot be considered the first operational day, as the tax component took several more months.

According to Frolovichyeva, debt instruments currently predominate in the Russian market rather than investment instruments. A revision of tax legislation governing hybrid digital rights could change the balance.

“This is a unique feature that is not present in any form of exchange-traded or paper instruments. It allows the client to choose how they want their financial instrument settled: with cash, or the balance of a specific asset, which is highly attractive, and there is demand for it in the current volatile market,” added the head of Atomyze.

Under Russian law, hybrid digital rights combine the properties of DFAs and utilitarian digital rights. These may include stablecoins without settlement capabilities and NFTs.

Currently, licenses to issue DFAs in Russia are held by the platform Atomyze, “LightHouse”, Sberbank, Alfa-Bank and “Masterchain”.

According to the Bank of Russia, as of November 2022 the first three operators carried out, in aggregate, 15 issuances of digital financial assets for a total of 170 million rubles.