Russian National Settlement Depository to Develop Digital Assets Platform

News and Analysis

Russia’s National Settlement Depository (NSD) is considering building a platform to serve digital assets including cryptocurrencies and tokenized assets.

According to Kommersant, the NSD is currently researching proposals to formally interact with crypto tokens, a source confirming interest in the project. Experts believe that the NSD is trying to stake its claim in the niche, counting on good prospects from the significant volume of Russian private assets held in cryptocurrencies.

“The NSD along with market players is considering options in this field in light of regulatory initiatives,” the organization’s press service told the publication. “As per our assessments, the technology behind the securities market has the potential to incorporate crypto assets.”

As Kommersant reports, the joint plans involve the creation of a platform “allowing the introduction of digital assets (following token holder certification) and settlements, as well as for storing private keys and carrying out identification of wallet owners.”

Meanwhile, Waves Platform says it will play a key role in the process.

According to Sasha Ivanov, the founder and CEO of Waves Platform, the project will not be difficult to implement from a technical point of view. The company has already started developing a prototype, planning to release first results by September. The hard part, Mr. Ivanov says, will be the conceptual, organizational side. He believes the lack of clear legal mechanisms that would allow the depository to operate with digital assets could cause difficulties.

However, the depository’s press service says that it expects changes in legislation regarding cryptoassets, in order to minimize the risks of ownership.

Last year, National Settlement Depository  blockchain-based project for e-voting (E-proxy Voting) has been nominated for Futures & Options World (FOW) International Awards in the ‘Best New Technology Product’ Category.

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