Moscow Exchange Suggests Offering Crypto Receipts to Blockchain Fearers – Bitcoin News Exchange

The Moscow Exchange has proposed to legalize the issuance of receipts for digital financial assets. The trading platform says this will allow custodians to work with securities that aren’t ready for a distributed ledger. MOEX plans to become a licensed crypto exchange operator.

The largest Russian stock exchange gears up to enter the digital asset market

Russia’s leading stock and derivatives exchange has drafted a new law that will allow depositors to issue receipts for digital financial assets (DFAs). Under current Russian law, the broad term ‘DFAs’ includes cryptocurrencies without a more precise definition, but mainly refers to digital coins and tokens with issuers.

According to Sergei Shvetsov, the head of the supervisory board of the Moscow Exchange (MOEX), under such an arrangement, DFA receipts could be sold as securities. At the latest edition of the International Banking Forum, the official emphasized that the exchange will “naturally enter this market”:

We have developed a project that allows you to issue invoices for digital assets, and then these invoices will be distributed as securities.

MOEX has already submitted the relevant bill to the Central Bank of Russia (CBR) and will coordinate the initiative with the Ministry of Finance. The law gives those who are not ready to work with distributed ledgers and are afraid of security risks the opportunity to transfer these risks and issue securities, Shvetsov added.

“In order for DFAs to develop, we want to propose that the market itself choose the option – blockchain accounting or depositary accounting,” he reminded the audience and announced that the Moscow Exchange would like to get permission from the CBR to do the same. Digital asset exchange. In August, MOEX announced its intention to launch a DFA-based product by the end of the year.

“If such a law is approved, Russian depositories will be able to store DFAs on their accounts in the blockchain and issue receipts for them to their clients. As soon as a client needs the original asset, he cancels the receipt and receives the digital asset in the blockchain account.

While support is growing in Moscow to allow the use of digital assets such as cryptocurrencies for international settlements under the ban, it remains unclear whether regulators will allow them to circulate freely within the country. According to the head of the financial market committee of the parliament, in any case, Russia should create its own crypto infrastructure. Anatoly Aksakov recently said that stock exchanges in Moscow and St. Petersburg are ready to offer.

Tags in this story

Bill, Blockchain, Crypto, crypto exchange, Cryptocurrency, Cryptocurrency, DFAs, Digital Assets, equities, Exchange, Legislation, moex, Moscow Exchange, receipts, Russia, Russian, securities

Do you expect the Moscow exchange to become a major player in the Russian crypto market? Share your thoughts on the topic in the comment section below.

Lubomir Tasev

Lubomir Tasev is a tech-savvy Eastern European journalist who likes Hitchens’ quote, “Being a writer is not what I do, but what I am.” Apart from crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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