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Waves to Develop Digital Asset Platform for Russian National Settlement Depository

Waves to Develop Digital Asset Platform for Russian National Settlement Depository

The National Settlement Depository (NSD), the central depository for the Moscow stock exchange, has recently partnered with Waves Platform to develop a potential digital blockchain platform to serve digital assets including cryptocurrencies and tokenized assets. 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.

From a technical point of view, the platform will be a set of services and a tool to connect digital assets and a payment system that operates with fiat currencies. Also included in the plans of the project is a platform to keep records of digital assets (on the basis of certification of token possession) and settlements on them, as well as to store private crypto-currency keys and carry out identification of owners of crypto-currency wallets. There is also talk that the platform will perform valuation of digital assets based on market data obtained from the world’s largest cryptoexchanges.

The founder and CEO of Waves Platform, Sasha Ivanov, says that the project will not be difficult to implement from a technical point of view. Indeed, 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.

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