Russia’s CSD develops blockchain platform with Waves
National Settlement Depository (NSD), Russia’s central securities depository (CSD), and Waves, a decentralised platform for launching crowdfunding campaigns and issuing digital assets, have embarked on a blockchain project.
The two companies say they are developing a new platform that “will securely host and store tokenised and crypto assets, settling transactions and providing identification for owners of cryptocurrency wallets”.
The first prototype will be ready in H1 2018.
“Project implementation depends not only upon technical development but on the development of a legislative framework that mitigates the risks of crypto asset ownership and ensures that the service is user-friendly,” NSD and Waves say.
Eddie Astanin, chairman of NSD’s executive board, feels the development has plenty of potential. “The platform would not only provide technological and legal protection of all parties involved, but also extend variety of post-trade services for investors, custodians and new institutions emerging in this sector of economy,” he says.
He adds that the efforts of NSD and Waves should be “synchronised with the work of regulators in this field”.
NSD, part of Moscow Exchange Group, was set up in the mid-1990s. The value of securities under NSD’s custody today amounts to RUB 35.5 trillion ($593 billion). It is recognised by the country’s central bank as a systemically important CSD, settlement depository and repository, while NSD’s payment system has the status of a systemically and nationally important system.
Waves says it “is the largest blockchain project to originate from Russia”. The company completed its initial coin offering (ICO) in June 2016, garnering more than $16 million (30,000 BTC).
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