Russia’s first digital financial assets are expected to be issued by the end of the year

The head of the Russian parliamentary committee, Anatoly Aksakov, announced at the University Economic Forum in Moscow that authorized Russian blockchain platforms are likely to issue digital financial assets. Aksakov noted that the country’s first-ever digital financial assets (DFAs) could be issued by the end of 2022. Aksakov chairs the Financial Markets Committee in the State Duma, the lower house of Russia’s parliament. He confirmed that 3 platforms have already been registered as transmitters. DFA is the legal term that encompasses cryptocurrencies in current Russian legislation.
Aksakov addressed these issues and provided an overview of upcoming work on DFA issuance:
– Russia is currently actively working in this direction after the entry into force of the country’s legislation on digital financial assets in January 2021.
– These DFAs will be used for financial settlements and as units of account in economic relations with partners and subsidiaries.
– DFAs should serve as a substitute for existing financial settlements based on the dollar, euro and other currencies.
– The 3 platforms already registered as DFA issuers were developed by a subsidiary of Norilsk Nickel, Transmashholding, and the largest Russian bank, Sberbank.
+ Two more will soon be approved in the coming times.
Aksakov highlighted Russia’s determination to legalize the digital asset market through the “On Digital Currency” bill which was drafted by the Ministry of Finance and has yet to be submitted to the State of the Duma. The previously passed Digital Financial Assets Bill only partially regulates the crypto space, while the “Digital Currency Bill” will help expand the regulatory framework with strict regulation. The country’s finance ministry supports the regulation of crypto assets, while the central bank continues to oppose it.
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