The bank will specifically focus on DFA offerings, a move that is thought to reduce the regulatory burden on platform operators and boost investor confidence, Vedomosti reported.

In recent months, Russian banks and other firms have supported the DFA sector by introducing a wide range of blockchain-powered offerings. These quotes are often related to real estate prices, but some are tied to other real-world assets, such as precious metals.

These developments highlight the broad spectrum of use of digital assets and their role in the financial system.

The bank requested information systems operators on DFA platforms to “provide online information access with the bank.” According to Vedemosti, a Central Bank spokesperson stated that platform providers are “interested” in developing “interaction” with the bank.

This interaction will enable the bank to take a more active role in the CFA market and fulfill its regulatory functions.

The Russian Central Bank fully controls the DFA sector and is positioned as the only authority that can issue DFA issuance permits in Russia. This provides the bank with significant power to direct all regulations and control mechanisms in the sector.

Kristina Aleshina, Deputy Head of the Financial Market Infrastructure Department of the Russian Central Bank, announced that the bank and Atomyze have completed a “successful pilot project”.

Aleshina is hopeful that the “data dashboard” developed by Atomyze will reduce market risks and minimize negative effects on the market, especially if one of the operators ceases its operations.

However, analysts emphasized that the implementation of such a system “will require technological improvements and investments from DFA operators.” Popular DFAs in Russia currently generally operate as blockchain-backed bonds.

Banks such as Alfa-Bank and VTB have launched many such offers in recent weeks. Alfa-Bank has issued nearly twelve DFAs as of the beginning of this month, and transaction volumes across the sector have increased significantly in the last 12 months.

According to Cbonds data, transaction volumes increased from RUB 19.7 billion in August last year to RUB 115.8 billion last month. Moscow recently passed a law allowing Russian companies to use domestic DFAs as means of payment in cross-border trade.

This law aims to provide a legal framework for Russian companies to use digital assets in international trade.

But business leaders say Moscow should also allow crypto assets such as Bitcoin (BTC) to be used to pay for goods and services abroad.

These demands aim to make crypto assets have a wider usage area and increase their role in the financial system. These developments point to significant changes in the place and impact of digital assets and cryptocurrencies in the financial system.