​DFAs on square meters of housing are launched in Russia

What’s new? For the first time in Russia, Samolet Group launched digital financial assets (DFAs) on real estate. Thus, the real estate developer’s clients can invest any amount above 50 000 Russian rubles in “digital square meters.” According to RBC-Nedvizhimost, their sale will be carried out through the Atomyze platform.

RBC-Nedvizhimost’s material

DFAs, like cryptocurrencies, work on the basis of blockchain technology. However, cryptocurrencies differ from DFAs in that they do not have a centralized management body. In addition, in the case of cryptocurrencies, there are usually no financial obligations to holders on the part of the issuer.

What else is known about the new tool? A representative of the developer explained that citizens will not even be able to buy a whole “square”, but only its share. In this, the legal execution of the deal and the search of a buyer for investment property will be made by Samolet Group.

It is reported that all funds received from the sale of real estate will be distributed among investors. According to the representative of the developer, the cost of meters will grow with the growth of the readiness of the object, filling residential quarter infrastructure, as well as due to inflationary processes. In addition, DFA can be replenished or partially sold at any time, he added.

Dmitry Kirillov, a lecturer of the educational platform Moscow Digital School, warned in his comments to RBC-Nedvizhimost that purchased token does not give a right for a certain square meter in a certain apartment. He explained that such an asset is essentially a debt obligation of the token issuer to the investor, the owner of the token. According to Kirillov, the value of the token is tied to the value of a square meter in the property that the issuer will build with the collected funds.

Real estate in the form of NFTs will start selling on the Bahamas island

Those wishing to buy a villa on the Great Exuma Island must pay $10 000 to get on the waiting list

Read further

In his turn, Denis Polyakov, a senior lawyer at GMT Legal, specified that according to the law, the deals related to the sale of DFAs issued for the first time may be carried out only on the information platform, on which they are issued. In this case, the investor’s personal account is maintained on the Atomyze platform, but Samolet Group may create such an account on its own website. In this, to make any deal with DFA, the investor will still need to switch from an account on the developer’s website to Atomyze.

Earlier, Rosbank jointly with Atomyze conducted the first deal in Russia to buy DFA for gold for digital rubles. And the Ministry of Finance supported the idea of bringing DFAs to Russian exchanges.