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The Atomyze platform functions in the American and Swiss jurisdictions, pending permission from the Central Bank of Russia.
Interros, Nornickel’s largest shareholder, has entered the consortium of investors for the Atomyze blockchain platform, Interros head Sergey Batekhin told reporters.
Atomyze deals with the tokenization of physical assets, that is, the translation of them into digital form. One of the first Atomyze issuers was Norilsk Nickel, which last year issued tokens for its metals on this platform. Tokens are actively traded on the London and Frankfurt stock exchanges, and they are planned to be listed on other world platforms. “Own platforms for tokenization are an element of a full-fledged infrastructure for the digital economy, which is important from the point of view of ensuring digital equality of Russia with the world’s largest economies,” Batekhin said.
The Atomyze platform functions in the American and Swiss jurisdictions, pending permission from the Central Bank of Russia. At the end of May, the Russian Union of Industrialists and Entrepreneurs asked the Central Bank to speed up the licensing of tokenization platforms in Russia.
Tokenization will allow industrial companies with ambitious environmental goals to create additional value for their ESG-compliant products. According to Mr. Batekhin, the creation of new value can become another incentive for the digitalization of industrial goods, in addition to the obvious simplification of procedures between market participants (for example, when planning supplies and distributing surpluses).
Digital assets that will be backed by ESG compliant products have an important difference from conventional financial instruments. Given the specifications of the blockchain technology, the origin of goods and services at all stages of their production up to disposal will be transparent.
“Smart contracts can contain important information for responsible manufacturers and consumers of products regarding the compliance of products with ESG standards,” said Batekhin. Potentially, tokens for such products can become an investment tool and be in demand not only among traditional industrial clients, but also among other categories of investors focused on ESG.
Russia needs a “correction” of tax legislation to put into circulation digital products that are in demand by business and contribute to the development of the infrastructure of the digital economy. According to Batekhin, currently, the legislation on “Digital Assets” as a whole is quite adequate, making it possible to introduce products that are interesting for business and investors.
The largest Russian companies are already actively using the opportunities of the digital market. But for their effective use, it is necessary to enable businesses to launch their digital projects on the same conditions that exist for the entire business as a whole, avoiding double taxation. For example, currently, the dividend flow from the issuance of derivatives on shares is taxed once, and for each distribution of income to token buyers several times. According to Batekhin, further development of legislation is necessary, in particular, in order to make foreign digital assets available to Russian investors, which will provide Russian market participants with “digital equality” and competitiveness in the global digital economy.
Earlier, Norilsk Nickel, the world’s largest producer of palladium and nickel, issued the first metal contract tokens to its main industrial partners Traxys SA and Umicore SA. Norilsk Nickel became one of the first companies in the industry and in the world to launch this mechanism.