Russia’s First Digital Financial Assets Expected This Year, Lawmaker Says
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Russian Digital Financial Assets Likely to Appear by Year’s End
Authorized Russian blockchain platforms may issue their first digital financial assets (DFAs) by the end of 2022, according to the head of the parliamentary committee overseeing Russia’s financial sector, Anatoly Aksakov.Speaking during the Moscow Academic Economic Forum, Aksakov noted that Russia is now actively working in this field after adopting the law “On Digital Financial Assets,” which went into force in January 2021. DFA is the legal term that encompasses cryptocurrencies in the current Russian legislation.
The lawmaker believes that these DFAs will be used for financial settlements and as units of account in economic relations with partners and subsidiaries. “This is, to a certain extent, an alternative to those financial settlements that today exist on the basis of the dollar or the euro or other currencies,” he elaborated.Anatoly Aksakov emphasized that the Russian government supports the legalization of the digital assets market through strict regulation and has prepared a new bill to achieve that. He was referring to the law “On Digital Currency” drafted by the Ministry of Finance, which is yet to be submitted to the State Duma.
Russia has been stepping up efforts to adopt rules for its digital assets space and this bill should expand the legal framework for the sector, which was only partially regulated with the law “On Digital Financial Assets.” While the finance ministry favors regulating cryptocurrencies along with other digital assets, the Central Bank of Russia remains opposed to their legalization in the country.