For the first time, a loan secured by cryptocurrency was issued in the Russian Federation

The first loan in the Russian Federation secured by digital tokens was issued this week, Kommersant reports. The deal was executed with the indication of Waves cryptoassets as collateral, which were legally classified as “other property”.

The recipient of the loan, businessman Mikhail Uspensky, said that he was not going to liquidate the tokens in his portfolio at all, but only wanted the assets to “work”.

Alexander Zhuravlev, managing partner of the EDB law firm, accompanying the issuance of the loan, emphasized that the legislation on digital assets adopted by the State Duma demonstrates the desire of the authorities to limit the ways of interacting with digital assets, but they can be fully used as bank and other collateral for transactions.

According to Tanzila Yandieva, head of the legal department of Expobank LLC, the issuance of a loan is an event not only for the legal community, but also for the banking community.