Russia’s First Digital Financial Assets Expected This Year, Lawmaker Says

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The first digital financial assets based on Russian blockchains could be issued as early as this year, a senior parliamentarian has announced. Three platforms are already registered as issuers, said Anatoly Aksakov, who chairs the Financial Markets Committee at the State Duma, the lower house of Russia’s parliament.

Russian digital financial assets likely to appear by the end of the year

Authorized Russian blockchain platforms could issue their first digital financial assets (DFAs) by the end of 2022, according to the head of the parliamentary committee responsible for overseeing the Russian financial sector, Anatoly Aksakov.

Speaking at the Academic Economic Forum in Moscow, Aksakov noted that Russia is now actively working in this area after the adoption of the law “On Digital Financial Assets”, which entered into force in January 2021. DFA is the legal term which encompasses cryptocurrencies in current Russian. legislation.

The Russian MP revealed that three platforms – developed by a subsidiary of Norilsk Nickel, Transmashholding and Russia’s largest bank, Sberbank – are already registered as DFA issuers. Two more will be approved in the near future. Aksakov was quoted by Russian media as saying:

We predict that, perhaps even this year, the first digital financial assets will be issued, and they will gradually become the basis of financial settlements on the blockchain.

The legislator considers that these DFAs will be used for financial settlements and as units of account in economic relations with partners and subsidiaries. “It is, to a certain extent, an alternative to the financial settlements that exist today based on the dollar or the euro or other currencies,” he explained.

Anatoly Aksakov pointed out that the Russian government supports the legalization of the digital asset market through strict regulation and has prepared a new draft law to achieve this. He was referring to the law “On Digital Currency” drafted by the Ministry of Finance, which has not yet been submitted to the State Duma.

Russia has stepped up efforts to adopt rules for its digital asset space and this draft law is expected to expand the legal framework for the sector, which was only partially regulated by the “On Digital Financial Assets” law. While the Ministry of Finance is in favor of regulating cryptocurrencies as well as other digital assets, the Central Bank of Russia remains opposed to their legalization in the country.

Keywords in this story

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Do you expect Russian companies to use DFAs for settlements with foreign partners? Tell us in the comments section below.

Lubomir Tassev

Lubomir Tassev is a tech-savvy Eastern European journalist who loves Hitchens’ quote: “Being a writer is who I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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