Russia passed legislation regulating digital assets in 2021, calling them digital financial assets (DFA). Only ten tokenization platforms have been approved as issuers to date. These include Russia’s largest State-controlled bank, Sber, and Alfa-Bank, the largest private bank. Last week Alfa-Bank announced its latest issuance and claimed it controls almost half of the DFA market. It follows a recent report on the DFA sector by ratings agency ACRA.
“Over the year, Alfa-Bank’s A-Token platform has become the leader in the DFA market – we account for almost half of the volume of transactions in 2023,” said Vladimir Voeikov, director of large and medium-sized businesses at Alfa-Bank. “We have attracted both private and institutional investors.”
The bank says it has issued 86 digital assets so far, totaling Ruble 37.5 billion. This equates to around 45% of the total Russian market, which amounts to 82 billion rubles ($900 million). That figure is a third larger than the one reported by ACRA, but ACRA counted only currently outstanding issuances. According to ACRA, a quarter of issuances have maturities of three months or less.
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