Russia Launches Digital Financial Assets for Abstract Artist’s Work

The Moscow Exchange has introduced the “first on the Russian market” issuance of digital financial assets (DFAs) for a work of art. The piece tokenized is by abstract artist Yuri Zlotnikov from the “Protosignals” series.

A total of 900 DFAs have been issued at a price of 1000 rubles each, with an annual yield of 22%. The tokenization of Zlotnikov’s painting implies shared ownership with other investors. 

The issuer of the DFAs is the company LLC “ELF SOFT PRODUCTION,” which purchased the work for 900,000 rubles. The firm specializes in tokenization and serves as the administrator of the investment art marketplace MyInvest.Art.

According to Sergey Kharinov, Managing Director for Digital Assets at the Moscow Exchange, the issuance of DFAs for art objects “is an important step in the development of financial technologies and the spread of securitization mechanisms into new business segments.”

“This is the first successful tokenization of a contemporary art piece in Russia, and we are proud that our team made this step possible. We are confident that this project opens a new era of investment in contemporary art […]”, added Vladimir Shabason, founder of the MyInvest.Art platform.

Earlier, ForkLog reported that a financial pyramid scheme attempted to fraudulently enter the DFA market.

Back in September, Deputy Chairman of the Bank of Russia, Philip Gabunia, spoke about preparing a mechanism for the legislative segregation of digital financial assets.