A successful tokenization trial could bring big changes in the cryptocurrency law proposed by Russia.
The Central Bank of Russia announced on the 17th of February that a Blockchain tokenisation pilot project had been successfully implemented. This used a platform developed by Nornickel in its regulatory sandbox.
The bank then proposed to complete the law on digital assets in Russia. Tokenisation platforms are also to be implemented.
The platform is open to all organisations and allows them to issue hybrid tokens linked to a basket of assets. The technology is expected to expand financing opportunities for businesses while creating new investment opportunities for its users.
Ivan Zimin, head of the Fintech department of the Central Bank of Russia, explained that this is one of the largest projects that has taken place in the sandbox. He was particularly pleased about the possibility of issuing hybrid tokens. He believes that they can „adapt quickly to the needs of companies and users“.
Zimin also announced that the bank proposed a regulatory change based on the results of the pilot project:
Based on the results of the pilot project, the Central Bank of Russia proposed modifications to the proposed law ‚On digital financial assets‘, which are necessary for the integration and development of these solutions in the growing market for digital assets.
The platform was developed by Nornickel, one of the largest mining companies in the world. The company previously developed the platform for tokenizing Palladium and began testing a digital asset trading platform in December 2019.
Unclear crypto-regulation in Russia
The view of the Russian government towards the crypto-market is a little mixed.
In January 2018, the Russian parliament began work on a proposal for a law to regulate the use of digital assets. Several delays have prevented the adoption of the law, which is still under consideration in February 2020.
Although the new Russian Prime Minister presented the digital economy as one of the government’s top priorities, progress is not very consistent. Despite solid support for the Blockchain, the country’s regulators are still sceptical about cryptocurrencies.
Several ministries and the central bank are reported to have considered a ban on cryptocurrencies for payments and a legal framework for „seizing“ Bitcoin (BTC) in November.