Vladimir Potanin Wants to Launch His Own Crypto Token

Russia’s wealthiest person plans to expand his blockchain platform by launching his crypto token. Clients will be able to buy metals, as well as air tickets, and transfer ski passes from his companies.

It is not the first time when Vladimir Potanin decided to develop this industry. He voiced his intentions to develop crypto tokens on several occasions.

Potanin’s blockchain platform called Atomyze will also work in Switzerland and the U.S. However, in Switzerland and the U.S., it will only be available to institutional clients.

Atomyze will become available by the end of 2020. State Duma is expected to approve the law on digital financial assets by that time.

According to Russia’s richest man, his tokens would have a great impact on metals. His company Norilsk Nickel will be the first to test the tokens backed by palladium, copper, and cobalt. Norilsk Nickel is the world’s largest palladium producer. This company will become the first to issue Potanin’s tokens.

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Crypto industry in New Jersey

Last week, Assemblywoman Yvonne Lopez introduced the Digital Asset and Blockchain Technology Act. According to this act, crypto exchanges, as well as custodians, should obtain the license to conduct business in New Jersey.

It means that any entity interested in providing digital asset trading, storage, purchase, sales, exchange, and so on should apply for the license. Moreover, the Department of Banking and Insurance will be in charge of this process, and the department would issue the license.

Under the terms of the proposed bill, companies cannot engage in any business activity connected with digital assets without a license. However, it is possible to conduct business if this company obtained a reciprocal license in another state.

The purpose of this bill is to protect consumers. However, she also emphasized the importance of this industry. The Digital Asset and Blockchain Technology Act will make it easier for the companies to operate in New Jersey.