The first digital financial assets based on the Russian blockchain could be issued as early as this year, a senior lawmaker has announced. Anatoly Aksakov, chairman of the State Duma Committee on Financial Markets, the lower house of the Russian parliament, said that three platforms have already registered as issuers.
Russian digital financial assets could emerge by year-end
A licensed Russian blockchain platform could issue its first digital financial asset (DFA) by the end of 2022, according to Anatoly Aksakov, head of a parliamentary committee overseeing the Russian financial industry .
Speaking at the Moscow Academic Economic Forum, Aksakov noted that Russia is now actively working in this area after passing a law on “Digital Financial Assets” that came into effect in January 2021. DFA is the current Russian legal term legislation that includes cryptocurrencies.
The Russian deputy revealed that three platforms developed by Norilsk Nickel’s subsidiary Transmashholding and Russia’s largest bank Sberbank have registered as DFA issuers. The other two will be approved in the near future. Russian media quoted Aksakov as saying:
We expect, perhaps even this year, to issue the first digital financial assets that will gradually become the basis for financial settlements on the blockchain.
The legislators believe that these DFAs will be used for financial settlement and as a unit of account in economic relations with partners and subsidiaries. “To a certain extent, this could be an alternative to current financial settlements based on dollars, euros or other currencies,” he elaborated.
Anatoly Aksakov emphasized that the Russian government supports the legalization of the digital asset market through strict regulation and has created a new bill for this purpose. He was referring to the law “on digital currencies” drafted by the Ministry of Finance, which has not yet been submitted to the State Duma.
Russia has been stepping up efforts to create rules for its digital asset sector, and the bill should expand the legal framework in this sector, which is only partially regulated by the “Digital Financial Assets” law. While the Ministry of Finance tends to regulate cryptocurrencies, as well as other digital assets, Russia’s central bank remains opposed to legalizing them in the country.
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