Largest Chinese Yuan-denominated digital asset transaction ever in Russia

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Russia’s first legalized exchange of digital financial assets (DFAs) for foreign money, the Chinese yuan, was announced by a Russian business.

The agreement, which apparently involves the sale of tokens backed by commercial debt, is the largest one to far made under the current Russian DFA law.

Financial Digital Assets for 58,000,000 Yuan Russian Platform’s publication

The first transaction using digital financial assets denominated in foreign fiat was completed by a licensed corporation in Russia.

In the deal, DFAs worth 58 million Chinese Yuan (about) were issued.

It happened on a platform created by Lighthouse, which was recognized by the Bank of Russia in March as one of the “information systems operators” permitted to administer virtual currency.

The law “On Digital Financial Assets,” which went into effect in January 2021, regulates some transactions with coins or tokens that have an issuer while Russian authorities have been seeking to develop a more complete legal framework for all digital assets, including cryptocurrencies.

According to Lighthouse, who was quoted by the Russian crypto news outlet RBC Crypto, the first DFA transaction using foreign money has grown to be the largest placement of its kind on the domestic market for digital financial assets.

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