From 2024, the Moscow Exchange will list tokenized real estate as digital financial assets (DFA) – Russia’s regulatory regime for tokenized conventional assets. The central bank has licensed ten DFA issuers but granted the Moscow Exchange the first DFA exchange license in August. At the same time, the National Settlement Depository, Russia’s primary central securities depository (CSD), became a licensed DFA issuer.
Similar to tokenization, the key benefits of DFAs are fractionalization and programmability. Developers and construction companies will be able to get a new funding source. According to Russian news outlet Izvestia, several large developers are exploring the concept.
Depending on the issuance, some of them may be open to retail investors. That’s up to the central bank to decide and they can also cap the maximum investment.
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