Lighthouse completes first DFA deal in foreign currency

In Russia, a deal in digital financial assets (DFA) worth 58 million yuan (500 million rubles), secured by commercial receivables. The transaction took place on the fintech platform of Lighthouse.

The deal in DFAs denominated in foreign currency is being conducted for the first time. It also became the largest by value on the Russian digital-asset market, the company said.

The tenor of the issued DFAs is 29 days, and the issuer’s rate is around 4%. According to the information-system operator, this confirms the advantages of DFAs over the current short-term ruble lending of roughly 9–10% per year for large businesses.

Lighthouse added that the short tenor and the ability to promptly organise repeat DFA issuances mitigate issuers’ losses from currency fluctuations that could arise over longer horizons of public placements.

Earlier, Lighthouse and Tinkoff Business announced a solution for automation of operations between token issuers and investors.

As a reminder, licenses to issue DFA in Russia, besides Lighthouse, are held by the company Atomyze and Sberbank.

According to the Central Bank of the Russian Federation, as of November 2022 these three operators had collectively 15 issuances of digital financial assets for a total of 170 million rubles.

Earlier, the regulator said it was prepared to present a series of legislative initiatives regarding DFA regulation by the end of 2022.

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