Home CryptoNews Atomyze Becomes the First Regulated Digital Asset Issuer in Russia

Atomyze Becomes the First Regulated Digital Asset Issuer in Russia

Atomyze, a Russian tokenization platform, has become the first registered digital assets issuer in the country after receiving a license from the Central Bank of Russia.

In an announcement on Thursday, February 3rd, the Bank of Russia confirmed that metals-backed token issuer Atomyze had become the country’s first approved digital asset operator. The central bank announced:

“The Bank of Russia has included the first organization, Atomize LLC, in the register of information system operators that issue digital financial assets (DFA). The regulator recognized the rules of the company’s information system and the technical implementation of the platform as compliant with the law.”

With this regulatory green light, Atomyze can now provide customers with the opportunity to issue digital financial assets (DFAs) on its platform and receive new types of products in tokenized form. “The organization will also be able to independently carry out exchange operations within its platform since the rules of the information system contain the provisions of the DFA exchange rules,” reads Bank of Russia’s statement.

Atomyze and Russian Crypto Landscape

Atomyze LLC, established in 2020, uses blockchain technology based on Hyperledger Fabric for the digitization of physical assets so users can source, trade, and track hard-to-access commodities. The LinkedIn profile of the company shows that is based in Greenwich, Connecticut, United States.

Russian Crypto Regulation

Along with two companies of the same name registered in Russia and Switzerland, it is part of an ecosystem designed to work with physically-backed digital assets around the world. Nornickle, a Russian nickel and palladium mining, and smelting giant is the most notable business partner of Atomyze.

Both Nornickle and Atomyze have a famous common backer, Interros Group, which is owned by Vladimir Potanin, one of Russia’s richest men. Reports suggest he is a strong advocate of digital assets.

Atmyze approval as a regulated digital assets operator in Russia has come on the heels of a 2020 law that allowed companies to issue digital securities on a blockchain if they were properly registered with the Bank of Russia as issuers and satisfy certain criteria.

The current Russian law considers cryptocurrencies as taxable property, not as a means of payment. The central bank of Russia has recently advocated for a blanket ban on crypto-assets. President Vladimir Putin, however, has called for a balanced approach and asked the regulatory authorities to work on a plan for crypto regulations in the country.

Reports are also suggesting that a working group comprised of prime state authorities has drafted a roadmap to implement a comprehensive crypto regulatory framework in the country. The drafted regulations propose strict know-your-customer (KYC), anti-money laundering (AML) rules for cryptocurrency platforms, and defining their regulatory status.

Atiq Ur Rehman
Electronics Engineer with a passion to write about Disrupting Technologies like Blockchain. He joined Crypto-Economy in July 2019.
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