CFA are preparing for secondary circulation – Newspaper Kommersant No. 190 (7391) of 10/13/2022
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Brokers may appear on the market of digital financial assets (DFA) even before the implementation of DFA exchange operators laid down in the legislation, but not implemented in practice. Experts positively assess the initiative, and professional participants are ready to enter the segment. This should contribute to the development of full-fledged trading in such assets. However, investors are still cautious, and the Central Bank warns that without changing the law, only over-the-counter trading is possible.
Lighthouse, the operator of the information system (IS) for the issuance of digital financial assets (DFA), proposed a model for the secondary circulation of such instruments within the existing legal restrictions. Denis Iordanidi, CEO of the company, told Kommersant that the interaction is supposed to be between three entities – an IP operator, a bank and a broker. According to the current legislation, the secondary circulation of digital financial assets is possible through operators of the exchange of digital financial assets. However, so far no one has been included in the corresponding register of the Central Bank.
The new scheme proposes that the broker will be registered in the IS as a nominal holder, and the bank as a user. “The bank and the broker make settlements between themselves, while there is no need for the broker’s clients to register in the system as a user,” Mr. Jordanidi explained. This will “provide the CFA with the necessary liquidity, as well as access for individuals to a new financial instrument,” he notes.
There are three organizations in the register of IP operators – Atomize, Sberbank and Lighthouse. To date, they have placed 13 CFA issues, three of which have already been redeemed. Based on the conditions of the issues, the maximum volume did not exceed 10 million rubles, and the circulation period was five months.
Interviewed by Kommersant, market participants rated the idea positively. “We are in talks with several major brokers to integrate DFA into their applications. Such an agreement can be reached before the end of the year,” said Ekaterina Frolovicheva, CEO of Atomize. She notes that in a scheme through a broker, the cost of CFA for an investor may be higher. But the savings in commission costs, she says, “are still there compared to the classic stock market.” Denis Iordanidi clarified that within the framework of the proposed model, the client pays a one-time commission to the broker, who shares it with the information system. According to a Kommersant source in the stock market, such an initiative is relevant for IP operators who have distribution issues and do not have ready-made channels for offering DFA to the client base of individuals and legal entities. For those who have direct access to institutional investors and retail clients, this question does not arise, notes the interlocutor of Kommersant.
The Bank of Russia does not object to the presence of brokers and their clients in the digital financial assets market, but emphasized that without changing the legislation, only OTC circulation of CFA will be possible.
Of course, this will reduce the costs of the industry, says Artem Mayorov, Director of the Asset Management Department of Ingosstrakh-Investments Management Company. “We are considering the possibility of cooperation with exchange operators and information system operators,” Otkritie Investments noted. Stanislav Danysh, Chairman of the Board of Soyuz Bank, noted that the bank is at the final stage of preparation for the implementation of the first transaction with the CFA, following which it will begin scaling this instrument in its activities.
However, full-fledged trading, according to Sergey Ryabov, director of business development at Masterchain, will begin when private investors are allowed to enter the sites. “Now this process is complicated by the need to perform the functions of a tax agent, that is, the payment of personal income tax on transactions with the CFA for the investor,” he said. The Moscow Exchange noted that working through intermediaries has its advantages: brokers have unconditional competence in the distribution of financial products, work with clients and investment analytics, which is indispensable in the market of digital financial assets. The exchange itself is going to get into the register of IP operators before the end of the year. As noted in the SPB Exchange, greater liquidity for digital financial assets “can be effectively generated only as a result of their circulation in organized trading.”
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