Financial Market

Russia’s first Digital Financial Assets likely to be issued by year end

Russia’s Head of the parliamentary committee, Anatoly Aksakov announced in the Moscow Academic Economic Forum that authorized Russian blockchain platforms are likely to issue digital financial assets. Aksakov noted that the country’s first ever Digital financial assets (DFAs) may be issued by the end of 2022. Aksakov chairs the Financial Market Committee at the State Duma, the lower house of Russian parliament. He confirmed that 3 platforms have already been registered as issuers. DFA is the legal term that encompasses cryptocurrencies in the current Russian legislation.
Aksakov addressed these issues and gave an outline of the upcoming work on issuing DFAs:
– Russia is currently working actively in this direction after the enforcement of the country’s On Digital Financial Assets legislation in January 2021.
– These DFAs will be used for financial settlements and as units of account in economic relations with partners and subsidiaries.
– The DFAs are expected to serve as a substitute to those existing financial settlements based on dollar, euro and other currencies.
– The 3 platforms which have been already registered as DFA issuers have been developed by a subsidiary of Norilsk Nickel, Transmashholding, and Russia’s largest bank, Sberbank.
+ Two more will be approved soon in the coming times.
Aksakov stressed Russia’s determination to legalize the digital assets market through the ‘On Digital Currency’ bill which was drafted by the Ministry of Finance and is yet to be submitted to the State of Duma. The previously enacted On Digital financial Assets bill only regulates the crypto space partly, while ‘On Digital Currency Bill’ will help to expand the regulatory framework with stringent regulation. The Finance Ministry of the country supports regulation of crypto assets, while the Central bank continues to oppose it.
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