Russia develops solution for automated DFA transactions

The Lighthouse fintech company and Tinkoff Business have developed a solution to automate operations with DFAs between token issuers and investors. The Kommersant reports.

The platform will operate on nominal accounts. The same principle is used by ordinary marketplaces to automate transactions between multiple parties. This enables the account holder to transact with funds whose rights belong to another person—the beneficiary.

Data transfer between the Lighthouse platform and the bank will be conducted through Tinkoff API protocols.

The new technology is designed to simplify the primary sale of tokens.

“If an investor wishes to invest money in digital financial assets on the Lighthouse platform, he will subsequently be able to transfer funds to the nominal account opened by the DFA operator in Tinkoff Business. The operator of the information system will verify the transaction and, if it raises no doubts, transfer the funds to the DFA issuer’s account,” the developers explained.

Nominal accounts will prevent the issuance of tokens without actual money being paid and will make transactions transparent not only for market participants but also for the Bank of Russia, the project participants say.

In Tinkoff, DFAs are described as a “full-fledged analogue of exchange trading” with prospects for the “digitization of various agreements for attracting investment, factoring, and accounts receivable management.”

The CEO of Lighthouse LLC, Denis Iordanidi, added that using nominal accounts in DFA transactions will automate settlements within the information system, and thanks to the API, banks will be able to do away with manually generated payment orders when executing transactions.

The law on DFAs was enacted in 2020 and took effect on 1 January 2021.

Under this law, the Bank of Russia maintains registers of information-system operators and exchange operators. Inclusion in the first register allows the issuance of DFAs, and in the second — to organize the exchange of these assets issued in different information systems.

In the first register, the licenses for information-system operators are held by Atomyze, Lighthouse LLC (a partner of Transmashholding) and Sberbank. In the second register, there are currently no participants.

Read ForkLog Bitcoin news in our Telegram — cryptocurrency news, rates and analytics.