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Russian Bank Deploys First Digital Asset Manager, a Boost to Crypto?

By:
Varuni Trivedi
Updated: Feb 3, 2022, 20:00 UTC

Can the Russian central bank registering the nation’s first digital asset manager give a boost to crypto in the nation? 

FXempire, Russia, Crypto, Bitcoin, Ethereum

On February 03, the Bank of Russia announced the appointment of Atomyze as the first company in the country to be put on the central bank’s list of approved digital assets operators.

The same is expected to give a boost to cryptocurrencies in the nation. 

Russia’s First Digital Assets Operator

The announcement by the Bank of Russia has formally revealed that the rules of the company’s information system and the platform’s technical implementation are compliant with Russian law.

Further, the registration enables Atomyze to provide its users with an opportunity to issue digital financial assets (DFA), on its platform as well as procure ‘new types of assets in the tokenized form.’ 

The organization would also be able to ‘independently carry out exchange operations within the platform’ since the rules of DFA exchange are compliant with the information system rules. The statement released by the central bank further stated:

“In order to further develop the DFA, the Bank of Russia has formulated proposals for improving the regulation of such assets and their taxation, which will increase the attractiveness and applicability of digital financial instruments. In the near future, these proposals will be submitted for discussion in the form of a regulatory consultation report.” 

Atomyze was launched in 2020 and focuses on the digitization of assets and processes through distributed ledger technologies including, but not limited to DFA.

In June last year, the firm secured funding from the Russian conglomerate Interros. The announcement by Interros said:

“Atomyze became the first tokenization platform in Russia to receive regulatory approval. This will ensure Russia’s digital equality in the global digital economy, making it easier for Russian companies to enter world markets, and make it possible to attract more foreign capital to Russia.”

Crypto Craze Continues

Recently, after the Indian government acknowledged cryptocurrencies by bringing the asset class in a tax slab, another news from Russia about the nation’s first digital assets operator could act positively for the larger market. 

However, at press time the global crypto market cap stood at $1.69 trillion noting, a 2.01% decrease over the last day. Bitcoin’s visit to the under $37K zone seemed to have triggered a short-term price pullback for most of the top altcoins too.

Ethereum fell by over 4% in the last day noting a 2.04% dip while Solana and Terra were the ones to lose the most price. SOL was down by close to 9% while LUNA lost around 10%. 

Nonetheless, the recent developments in Russia and around the world could ensure a bullish narrative for cryptocurrencies in the long term.

About the Author

A Journalism post-graduate with a keen interest in emerging markets across South East Asia, Varuni’s interest lies in the Blockchain technology. As a financial journalist, she covers metric and data-driven stories with a tinge of commentary, and strongly believes in HODLing.

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