On March 9, the Bank of Russia added the company «Distributed Registry Systems», known as the platform «Masterchain», in the register of operators of information systems in which digital financial assets (the “DFA”). Before that, there were four companies in the registry: «Atomiz», Sberbank, «Lighthouse» and Alpha-bank.
“Distributed Registry Systems” is a Russian IT company specializing in the creation, implementation and maintenance of business solutions based on blockchain technology for the financial industry, fuel and energy complex, transport, logistics, industry and other industries. The organization was established in April 2021. Among its founders are banks such as: VTB, Gazprombank, Promsvyazbank, Moscow Exchange, NSPK and Fintech Association.
At the first stage, the company will issue DRA for the right to claim either in the form of bonds (without reference to assets) or as structured instruments linked to any type of assets, the platform said in a press release.
In the future, other types of DFA will appear on the platform: hybrid, for a share in a non-public joint-stock company, as well as rights of claim on equity securities. In addition, the company will release licensed software for organizing the work of information systems.
DFA, utilitarian digital rights (the “DCR”) and hybrid digital rights (combining the capabilities of DFA and DCR) can become a new trend in the financial market in connection with the creation in Russia of legal conditions for their issuance and circulation, according to the Bank of Russia.
In mid-February, the State Duma adopted a bill in the first reading, according to which the financial platform operator can also be the operator of a blockchain platform that issues or exchanges DFA. According to the conclusion of the State Duma Committee on the Financial Market, this will create conditions for expanding the range of products and services on financial platforms and ensure the availability of financial services to the general population.
Nadmitov, Ivanov & Partners Law Firm advises on fintech issues.
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