Operators of information systems that issue digital financial assets (DFA) are expanding the range of tools used. The company “Lighthouse” placed the issue in Chinese currency for a record amount for the market. Some of the experts are skeptical, believing that the market remains closed and no massive CFA trading is expected. But professional participants are showing interest in the segment, although before the change in legislation, secondary transactions are possible only on the over-the-counter market. .), secured by commercial debt, Kommersant was told in the company. The issuer was Metrovagonmash (the beneficiary is Transmashholding), which has already issued CFA for 5 million rubles. (see Kommersant dated June 29). The buyer is not disclosed. The circulation period of the issue is set at 29 days, the rate is about 4.2% per annum. This is slightly higher than the yield of yuan bonds placed by large issuers in autumn (see Kommersant dated November 13). at the same time, it does not compete with the classic bond market that provides long-term financial investments.
The instrument is paid in rubles, and the yuan exchange rate is determined at the choice of the purchaser on the day of issuance of the CFA at any rate of the Moscow Exchange for transactions with the settlement “today ”, held from 12:25 to 12:35. If the auction ends earlier, then the deal is closed according to quotes with the settlement “tomorrow”. When the token is redeemed, the rate is fixed on the previous day at any exchange rate of the Moscow Exchange for transactions with “tomorrow” settlement, carried out from 12:25 to 12:35. The choice of the exchange rate in real time is “this is a standard corporate exchange practice for large amounts”, explained Mr. Jordanidi.
, crushing) and does not cause a negative reaction from the regulator, says Anastasia Kucherena, managing partner of KCG. In her opinion, the market will soon see a standard currency basket in the form of digital assets. “It is interesting to issue in any currency in which there is an emerging market, and for Russia – with those countries with which trade is built,” the lawyer believes. Atomize declined to comment. Sberbank did not respond to Kommersant‘s request.
For example, only at the end of November, the first transaction involving individuals took place on the Atomize platform – CFAs were purchased for palladium. Therefore, while experts are rather reserved about the segment.
CEO and founder of BitOK Dmitry Machikhin believes that the issue in yuan “is not interesting in any way, since it does not create any market advantage, but, on the contrary, complicates the existing process”. DFAs are local in nature and are actually closed to the mass user, says Andrey Tugarin, managing partner at GMT Legal. In his opinion, there is a necessary legislative basis and infrastructure for the DFA market, but “business does not see the need to enter this industry.” Mr. Machikhin expects that in the future there will be companies predominantly with state participation, which will use the CFA for internal needs.
At the same time, professional participants in the securities market and trading floors are showing interest in the segment. The Moscow Exchange has submitted an application to the Central Bank for inclusion in the register of CFA issuers and is preparing a deal with Gazprombank in early 2023, the head of the exchange, Yuri Denisov, said at the Finopolis forum in early November. The Bank of Russia (see “Kommersant” dated October 13) believes that without changing the law, only the over-the-counter circulation of such assets will be possible.