Plan to Issue Real Estate Digital Assets by Moscow Exchange for 2024
- Housing digital assets and real estate digital assets for 2024 can be issued by Moscow Exchange.
- Previously some other entities have also issued real estate and housing digital assets in Russia that were blockchain based.
- The Russian government has legislation for digital assets to improve regulation for future development.
Moscow Exchange to Launch Blockchain Real Estate in 2024
Russia’s Largest Exchange Moscow Exchange Plan to Issue Digital Asset
The largest Exchange in Russia , Moscow Exchange is planning to issue real estate and housing digital assets for 2024. According to the director of digital assets for this platform, Sergei Kharinov this will lower the entry barrier for qualified and unqualified investors to put part of their portfolio into real estate assets. These housing and real estate digital assets will be blockchain based. This will also benefit the real estate builders and developers as they can directly raise funds from the investors and adding this income source to the traditional financing from banks.
Previous Legislation on Digital Assets in Moscow, Russia
Some of the entities other than Moscow Exchange have also issued blockchain based housing and real estate digital assets previously. There were three such entities out of which two involved Samolet Plus. The third one was another company named G Group. This company allowed unqualified investors to profit 10% over the cost of their investment. These digital assets can be issued by ten financial institutions that are approved by the Bank of Russia. It included Sberbank of Russia, Alfa Bank, Atomize, Lighthouse and Blockchain Hub.
The Russian government has legislation and policies for real estate and housing digital assets. The Central Bank of Russia (CBR) has stated that short term regulations should focus on preserving the rights of investors and disclosure of information that is necessary for investors. Since a legislative framework was already present that concerns smart contract regulation still it recommends Russian-created smart contracts be independently audited before deployment. Moscow Exchange is expanding its digital assets in housing and real estate fields. Let us tell you that it is competing with other entities that have previously issued blockchain based digital assets for housing and real estate. The Russian government stated that they support digital assets development as long as there is no hindrance with the cybersecurity of its users.
