Piloting a new token issue platform
In spring 2018, the Central Bank launched a project called “regulatory sandbox”, which allows companies to test innovative projects and new platforms in the financial sector, introduction of which requires changes to existing legislation. The mechanism makes it possible to analyse offered services, risks and feasibility of their implementation.
Within framework of this project, testing of the blockchain-platform developed by Norilsk Nickel was successfully completed. This system will enable issue and turnover of digital rights secured by various assets, including metals and real estate.
New blockchain-platform will make it possible for any company to issue its hybrid tokens, which will help to attract additional financing and reduce estimated costs; in their turn, investors will be able to use perspective investment instruments. In order to reduce risks when using the platform, a system for identifying issuers and token owners is provided.
Nowadays, the current legislation does not contain any legal provisions allowing to ensure successful operation of the platform. Its full operation will begin after the Federal Law on “Digital Financial Assets” (presumably in spring 2020) comes into force, the draft of which was approved by the Parliament in the first reading a few years ago. There is also a proposal to place the platform in countries where the use of tokens is already possible, such as Switzerland or the United Arab Emirates prior the amendments of the current legislation are made.