From 2024, the Moscow Exchange will list tokenized real estate as digital financial assets (DFA). The central bank has licensed ten. DFA issuers but granted the Moscow Exchange the first DFA exchange license in August. The National Settlement Depository, Russia’s primary central securities depository (CSD), became a licensed DFA issuer. The key benefits of DFAs are fractionalization and programmability. One of the first DFA tokenization platforms, Atomyze, has already issued three real estate DFAs, with one available to consumers. It apparently had a guaranteed minimum return of 10%. Other DFA issuers include Russia’s largest bank Sber, Alfabank and the St Petersburg Exchange. Real estate tokenization is attracting significant interest in other jurisdictions. In Japan, it’s the most popular avenue for tokenization. Mitsui & Co Digital Assets launched a platform enabling consumers to invest directly, sidestepping traditional securities intermediaries. And in Israel, the land registry is planning an exchange
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