Atomyze becomes Russia’s first cryptocurrency assets manager

Key Takeaways

• Atomyze LCC has become Russia’s first digital asset managment company.
• The country’s Finance Minister wants to see banks trade in cryotocurrencies.
• The Central Bank continues to press for a ban on mining and use of crypto.

YEREVAN (CoinChapter.com)- The Russian Central Bank has announced the registration of the country’s first cryptocurrency asset management company. According to the apex bank’s official announcement, Atomyze LLC’s rules of formation meet the country’s standards and are in sync with the provisions of the laws of the Russian Federation.

The Central bank’s decision allows Atomyze to provide customers with the opportunity to issue digitalized financial assets (DFA) on its platform. In addition, the company can now acquire new types of products in tokenized form. The organization will also independently carry out exchange operations within its platform. 

“To further develop the CFA, the Bank of Russia has formulated proposals for improving the regulation of such assets and their taxation, which will increase the attractiveness and applicability of digital financial instruments. In the near future, these proposals will be submitted for discussion in the form of a regulatory advisory report,” 

the announcement reads. 

The bank’s Deputy Governor Vladimir Chistyukhin announced they would allow citizens to invest in cryptocurrencies like Bitcoin (BTC) through foreign companies. 

However, Russia’s apex bank continues to push for a ban on the mining and use of cryptocurrencies. 

Recommended: India’s Finance Minister announces a massive 30% tax on gains from cryptocurrencies.

Russia’s finance minister wants banks to sell cryptocurrencies 

Unlike the Central Bank, Russian Minister of Finance Anton Siluanov has strongly supported cryptocurrencies. According to the minister, banks should trade in cryptocurrencies and provide crypto exchange services.

However, Siluanov agrees with the Central Bank that cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) should not get the status of a legal tender in the country.

Moreover, besides the banks, the Finance Minister insists that companies offer crypto exchange services after obtaining a license. Therefore, those providing crypto services without a license should be held responsible under the law.

In a letter that Siluanov sent to Prime Minister Mikhail Mishustin, the minister estimates Russians hold around 12 million crypto wallets with 2 trillion rubles. In fiat currency terms, that number amounts to around $26 billion. Russian newspaper Kommersant reported on the letter yesterday. 

Earlier this week, Bloomberg published an article claiming Russians own more than 16.5 trillion rubles ($214 billion) worth of cryptocurrencies. That amounts to 12% of the total global earnings.

The Russian government expects to earn $2 billion a year through regulating Bitcoin (BTC) and cryptocurrency. With President Vladimir Putin reportedly sympathetic to crypto mining, it won’t be long before Russia warms up to cryptocurrencies.