The tokenized receivables pool was bought out by VTB Factoring

Russia conducted its first DFA issuance and placement operations

29.06.2022 - 07:25

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2 min

What’s new? On June 28, the first operations on the issuance and placement of digital financial assets (DFAs) secured by cash claims took place in Russia. The receivables pool was tokenized on the platform of Lighthouse, an information system operator, the issue was bought by VTB Factoring. This is reported by Kommersant, citing participants in the transaction. The issuer and the volume of the placement were not disclosed, it is specified only that "the liquidity has been attracted for operational activities.”

Kommersant’s material

More details about DFA placement. The token will be in circulation for 62 days from the date of issuance. Denis Iordanidi, CEO of Lighthouse, believes that the tokenization of assets significantly reduces the timing it takes to obtain funding at low operational costs. Thus, the DFA issuance process can take just one day without the need for issuance documents, obtaining a credit rating, and a placement on the exchange.

In early June, Lighthouse jointly with Tinkoff Business developed a platform to automate DFAs transactions, which would be able to operate on the basis of nominal accounts. It was noted that nominal accounts would eliminate the possibility of issuing assets without actual cash payment and would make transactions transparent not only for market participants but also for the Bank of Russia.

On June 28, the State Duma passed a bill on the taxation of transactions with DFAs. Transactions on the sale of assets will be subject to VAT, and the introduction of personal income tax and corporate income tax are provided for income from the sales. Also, a bill on fines for illegal issuance of digital assets has been submitted to the State Duma. For individuals, it will be from 3 000 to 5 000 rubles, for officials – from 20 000 to 30 000 rubles, and for legal entities – from 700 000 to one million rubles.

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