Atomyze Becomes First Regulated Digital Asset Issuer in Russia

Russian tokenization platform Atomyze has become the first registered digital asset issuer in the country after receiving a license from the Central Bank of Russia.

In an announcement on Thursday, February 3, the Bank of Russia confirmed that metal-backed token issuer Atomyze has become the first digital asset operator to be approved in the country. The central bank announced that.

"Bank of Russia has included the first organization Atomize LLC in the register of information system operators that issue digital financial assets (DFA). The regulator recognized the compliance of the company's information system rules and platform technology implementation with legal requirements."

With this regulatory green light, Atomyze can now offer customers the opportunity to issue digital financial assets (DFA) on its platform and receive new types of products in tokenized form. "The organization will also be able to conduct trading operations independently within its platform, as the rules of the information system contain provisions of the DFA trading rules," the statement from the Russian bank reads.

Atomyze and the Russian Cryptocurrency Landscape

Founded in 2020, Atomyze LLC uses Hyperledger Fabric-based blockchain technology to digitize physical assets so users can purchase, trade and track hard-to-get goods. The company's LinkedIn profile shows it is based in Greenwich, Connecticut, USA.

Russian Cryptocurrency Regulation

Together with two companies of the same name, registered in Russia and Switzerland, it is part of an ecosystem designed to work with digital assets backed by entities around the world. Nornickle, a Russian nickel and palladium mining and smelting giant, is Atomyze's best known business partner.

Both Nornickle and Atomyze have a well-known co-sponsor in the Interros Group, owned by Vladimir Potanin, one of the richest men in Russia. Reports indicate that he is a strong advocate of digital assets.

Atmyze's approval as a regulated digital asset operator in Russia comes after the 2020 law allows companies to issue digital securities on the blockchain after they are properly registered as issuers with Russian banks and meet certain criteria.

Current Russian law treats cryptocurrencies as taxable property and not as a means of payment. The Central Bank of Russia recently advocated a total ban on cryptocurrency assets. However, President Vladimir Putin has called for a balanced approach and asked regulators to develop a plan for cryptocurrency regulation in the country.

The report also indicates that a working group of key national authorities has drafted a roadmap to implement a comprehensive cryptocurrency regulatory framework in the country. The drafted regulations propose strict know-your-customer (KYC), anti-money laundering (AML) rules for cryptocurrency platforms, and define their regulatory status.