The main events of 2022 in the field of blockchain in Russia – Cryptonium News

The main events of 2022 in the field of blockchain in Russia

The year 2022 was a great year for blockchain action. For the first time, lawmakers were serious about regulating the virtual currency market and mining, and the Central Bank was very concerned about the creation of a document legalizing CFA in the country. Experts from the Metropolitan Institute of Physics and Mathematics summarized the findings and highlighted key actions to establish a blockchain sector in the Russian Federation.

An important trend in the Russian blockchain industry is the entry of the first legal players into the market as part of the 2021 law on digital currency assets – CFA (secure digital assets issued using blockchain technology).

First player in the CFA market

February 3, 2022 – Atomayz LLC (Russian subsidiary of the International Platform for Digitization of Assets) became the first Russian bank to obtain Information Systems Operator (ISO) status for CFA management. Pursuant to the CFA Law adopted in the Russian Federation, the regulator granted the bank the right to issue, purchase, recall, store, register owners of CFAs, and service e-wallets and invoices.
On March 17, 2022, the Bank of Russia added two branches, Sberbank PJSC and Lighthouse (Transmashholding), to the DIC register.

A number of other financial market participants this year have stated that they intend to obtain approval from the central bank. For example, Stolichnaya and St. Louis Bank (St. Louis, Missouri) were among the first to receive approval from the Central Bank.

First Products (CFA Release)

After receiving authorization, DIC began issuing CFAs.
In June, Lighthouse OIS and VTB Factoring (GC) announced the execution of the first CFA issuance in the

Russian Federation and the placement of the issuer on commercial tails, after which VTB Factoring purchased this issuance from CFA. This was the first issue and issuance of a CFA with foreign currency credits, and in October the Lighthouse platform succeeded in getting the issuer of the CFA interested in the tail of the debtor in the amounts of 100 million rubles, 50 million rubles, and even more in the amount of 500 million rubles. This last collusion, indeed it is worth noting, was denominated in RMB.

OIS Sber completed the transaction issuing the CFA Sberfactoring in July. The issuer’s commitment was backed by receivables transferred to the factoring service. The issue amounted to 1 billion rubles.

Following this, the platform expanded its range of CFAs and issued a CFA in gold.
Atomise executed its first CFA transaction in palladium in July. Atomize further expanded the scope of its CFAs (CFA for debt, CFA for a basket of metals). allowed physical traders to trade.

For now, the status of Exchange Operators, which all central bank OIS licensees and many active money market players want to join, remains unknown. Exchange Operators act as brokers for CFAs and handle both the buying and selling of CFAs (including CFAs with DRM symptoms) and the exchange of CFAs between platforms. Unable to read all totals. Repeated retries…

Cryptocurrencies and Mining

The topic of digital currency and related payments has been in the news all year long, and while the majority of the news has been personal opinions, “ducks,” etc., announcements have come from all walks of life – government, Treasury, Federal Revenue Service, Department of Commerce, etc. Concepts ranging from a complete ban to full legalization of digital currency as a means of accumulation and payment have been put forward.

As for the actual steps to regulate the market, the Treasury Department put together a digital currency bill earlier this year, but it has not yet been handed over to the authorities. The bill proposed, among other things, to allow payment in digital currency for foreign trade contracts.

The Mining Act was not so lucky . In November, legislation was introduced in the House of Representatives to regulate the mining industry and its ability to resell digital currency. If passed, it would allow miners to sell mined digital currency in two ways beginning in 2023. Either through a foreign system that does not have to comply with the Currency Regulation Act, or through a special platform included in the experimental legal regime. In both cases, transactions must be reported to the federal tax authorities.

Application of NFTs

This year, the hype in the NFT market seems to have calmed down and this designation has begun to develop significantly to close applications. For example, in July 2022, MIPT’s Blockchain Master’s Program issued a non-exchangeable token for the program’s diploma in addition to the traditional high school diploma. NFT as a configuration of digital assets removes the problem of forgery and modification of credentials, which is highly desirable in the education market.

Such NFT implementations are in demand around the world; in 2017, the Massachusetts Institute of Technology announced that it would implement blockchain for degree acquisition. And in February 2022, some graduates of the Sungkyungwan Institute in South Korea and all graduates of the Hoseo Institute received NFT-style diplomas.

As an effective, non-threatening way to prove ownership, for example, NFTs are becoming increasingly relevant in everyday life.

Meta Valley, DAO, and SBT

This year saw continued active development in the implementation of tokenization models for meta-valleys, DAOs, SBTs (soulbound tokens), and monetization in gaming. Unable to load all totals.

Brief monitoring in 2023

We can expect clearer regulation of CFA and DRM issuance and exchange, an expansion of product services in this area, and more definitions of digital currencies. It is doubtful that there will be a total ban. In addition, we will see expanded functionality in the CFA bazaar by professional money market members.

Non-core firms will need at least a small portion. For example, a company may decide to implement a personalized digital economy marketplace for its own contractors, suppliers, or customers. The coming year will also feature the emergence of the digital ruble, which will undoubtedly strengthen the position of the blockchain industry.

In the Russian Federation, plans regarding meta-universities, NFTs, and DAOs will continue to be actively developed. However, as in many other countries, there are not yet the necessary number of regulations to legally implement these plans in the Russian industry. Therefore, it is very likely that similar conclusions will be directed to foreign markets. All results could not be loaded. Not all results were uploaded.