According to Atomize CEO Alexey Ilyasov, participants in the Russian DFA market require diverse skills and expertise. These include proficiency in blockchain infrastructure, IT (smart contract development and front-end services), risk assessment, and issue structuring. Ilyasov believes that some market participants need more time to develop these competencies. Additionally, there has been relatively low competition among issuers in the market.
“If there is indeed competition, it is more likely in terms of liquidity that has not yet been involved in the DFA market,” adds Maxim Tishchenko, Deputy General Director of Masterchain.
Another challenge faced by participants is the identification of individual investors. The complex registration procedure is a significant barrier preventing citizens from entering the digital financial services market. Denis Polyakov, head of the Digital Economy practice at GMT Legal, states that due to restrictions imposed by the Central Bank of the Russian Federation, it is currently almost impossible to offer the majority of DFAs to retail investors.
Recently, PIK, a Russian development and construction company, launched digital financial assets (DFAs) on the Atomize platform. Furthermore, Sber, the largest Russian state bank, has decided to grant access to the digital financial assets (DFAs) platform to individuals.