National Settlement Depository (NSD), Russia’s central securities depository, will also take part in the trialling, while Level One, a company that manages Moscow’s biggest commercial lecture hall, will be the issuer.
The regulatory platform of the Bank of Russia was launched in April 2018 to pilot and implement new financial services and technologies requiring legislative changes. The Bank of Russia and other governmental organizations, profile associations, and development institutions assess services and technologies implemented at the platform.
Participants plan to conduct the first transaction involving tokenized assets by the end of summer 2018, according to the official press release. National Settlement Depository, Russia’s financial market infrastructure, will record tokens and carry out settlements related to their issue and circulation. Sberbank CIB will act as the issuance coordinator and anchor investor in tokens issued by Level One, and NSD will be the transaction’s custodian. NSD will keep and register digital assets.
Work on the pilot project at the regulatory platform will allow Sberbank CIB and NSD to assess the specifics of these transactions, mitigate associated risks, and get feedback from the Bank of Russia related to improving mechanisms to conduct transactions. In the future, the experience of Sberbank CIB as a leader in Russia’s investment business will make Russian ICOs more transparent for traditional investors, guaranteeing the high quality of the organization conducting these types of trades.
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