SPB Exchange was the last of the existing OIS to place the first issue of DFA
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St. Petersburg Exchange was the last of the existing information system operators (OIS) to place the first issue of digital financial assets (DFAs). The issue in the form of hybrid digital rights (HDR) was a test, worth only 16.2 thousand rubles, however, other OIPs are only testing this market segment. Market participants note that it has not yet gained momentum, including due to the preservation of VAT, as well as difficulties with technological implementation.
On Tuesday, January 30, St. Petersburg Exchange placed the first issue of DFA in the state digital currency format. Thus, it became the last of the operating IPs, the site was entered into the register more than six months ago (see “Kommersant” dated June 23, 2023). However, after being included in the SDN List last fall (see “Kommersant” dated November 3, 2023) trading in foreign shares was stopped on the exchange, trading volumes in Russian securities were insignificant, and trading in futures contracts (see “Kommersant” dated December 4, 2023) have not yet been launched. The exchange did not respond to Kommersant’s request.
The first issue is clearly of a test nature – its volume was only 16.2 thousand rubles.
Meanwhile, the acquisition of State Digital Programs gives the right to receive green certificates and services for their further repayment or to an alternative monetary claim. Certificates confirm the production of electricity at generating facilities operating on the basis of renewable sources. The issuer of the GDS was the Carbon Zero company, which maintains a register of green certificates. As Alevtina Kamelkova, founder and managing partner of Findustrial Consulting Group, explains, on February 1, a new version of the law “On Electricity” will come into force, introducing green certificates into civil circulation, which can be circulated on certain platforms. According to her, Carbon Zero is a platform where such certificates can be circulated.
carried out by information system operators
This is the fifth release of the state digital program on the Russian market. Atomize and Alfa Bank each placed two issues. The difference in the case of the St. Petersburg Exchange is that the right to demand the provision of services by the issuer for the redemption of certificates and the right to demand the transfer of certificates to the owner of the state digital program, as well as, as before, a monetary claim, are mentioned as a utilitarian right, noted Pavel Sidorkin, product director at Atomaiza. Previous releases included the transfer of goods (the property of utilitarian digital rights) and the claim of money (the property of DFA), he explained.
The market for hybrid digital rights has not yet gained momentum; it is being “tested” for various business scenarios, says Denis Dodon, Director of Innovation at Alfa Bank.
It can be divided into three clusters – B2C products for retail, B2B products for the corporate segment, and products related to foreign trade activities and work with non-residents can be separately distinguished, the expert believes.
One of the reasons for the low popularity of public procurement is that VAT has not been abolished, believes Roman Nekrasov, co-founder of the ENCRY Foundation. The expert suggests that solving problems with taxation of the instrument will contribute to the growth of its popularity. “If nothing changes, this year the market can count on no more than a couple of successful issues of hybrid digital rights,” Mr. Nekrasov is convinced. In addition, at present GDS are not in great demand due to the fact that the technological implementation of such digital rights is much more complicated than the implementation of classic digital digital rights, which involve only monetary settlement upon completion of a digital contract, points out Artem Laptev, director of development of the Tokeon platform. The market has not yet fully learned to work with tokenization of assets (financial or material), which can receive liquidity in this way; the secondary market is also in the process of formation, notes Mr. Dodon.
Risks under state digital contracts can be multiplied, since this is a combination of digital financial assets and utilitarian digital rights; here there is a credit risk of the company as an issuer, which may not pay the corresponding monetary claims for repayment or not transfer the rights under this issue, says Pavel, founder and CEO of the tokenization platform Fractio Fedorov.
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