The Central Bank of Russia Legalizes another Crypto Service Provider

According to RBC, the business news outlet, Circulated Registry Systems, which runs the Masterchain exchange platform, has been included in the list of information structure entities permitted by the Central Bank of Russia to distribute digital and virtual financial assets.

Up until now, there have been four additional registrants. These include Atomyze, which offers tokenization services; Lighthouse, a fintech firm; and Alfa-Bank and Sberbank, the foremost publicly-owned and privately-owned financial institutions in the Russian Federation, respectively.

Distributed Registry Systems, founded in April a couple of years ago, is an IT company that creates blockchain-driven solutions for various sectors, including finance, logistics, and transportation. Its founders include major Russian banks, the “Fintech” Association, and the Moscow Stock Exchange.

As per a press release, the company’s initial plan is to introduce digital and virtual financial assets in non-asset-backed bonds or structured instruments tied to different assets, representing the rights to monetary claims.

Its platform will introduce different kinds of DFAs in the future. For example, Russia’s largest private regional financial institution, Moscow Credit Bank, recently revealed that it employed Masterchain to release China’s inaugural digital bank guarantee in yuan.

The regulation of crypto assets with a distributing entity in Russia began in January 2021, following the implementation of the “On Digital and Virtual Financial Assets” law.

The lower house of the Russian government passed a bill on its first hearing in February 2023. This bill will enable financial exchange platform operators to establish and monitor blockchain operators.

Decentralized cryptos such as Bitcoin are yet to be regulated in Russia. However, due to Western restrictions, including financial sanctions, implemented following the attack on Ukraine, Moscow has witnessed an increase in boost for authorizing some cryptocurrency operations, such as across-the-border payments.

Nissan Takes to the Metaverse

Nissan Japan recently revealed that it will conduct a three-month experiment of its simulated store called “Nissan Hype Lab.” This move will enable people to examine, seek advice, and test drive the Metaverse. The announcement was made on March 8.

The company stated it would also investigate the feasibility of innovative automobile sales techniques during this period. Customers can access the simulated store “Nissan Hype Lab” anytime from March to June using a smartphone and PC. Users can develop personalized profiles during the trial period and communicate with virtual sales personnel during specific hours.

Customers can complete the purchase agreements and place vehicle orders via this virtual sales platform per the announcement. The company filed five applications for several major car models in October last year, including GTR, Z, and SKYLINE.

Mike Kondoudis, the Trademark attorney, commented that Nissan’s trademark applications indicated the company’s intention to create NFT-supported media, online wallets, storage software, NFT minting, trading, and digital NFT marketplaces. This statement was made when the applications were filed.

General Motors, a major automobile manufacturer, has been actively filing for NFT-related trademarks. In February this year, the company filed for trademarks related to its Cadillac brands and Chevrolet.

In September of last year, American automobile manufacturer Ford Motor industry made preparations to enter the crypto sector and the Metaverse by filing nineteen trademark registrations for its famous vehicle brands.

Despite the downtrend in the crypto markets and the ongoing cryptocurrency winter, international companies continue pursuing trademark registration related to Web3, non-fungible tokens, cryptocurrencies, and the Metaverse.