Deputy Aksakov calls 2023 the “year of the DFAs” in Russia

According to the official, sanctions against Russians will stimulate the development of the digital financial assets market

07.10.2022 - 09:45

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What’s new? Anatoly Aksakov, chairman of the State Duma Committee on the Financial Market of the Russian Federation, commented on the eighth package of anti-Russian sanctions adopted by the EU, which includes a complete ban on the provision of crypto services to Russian citizens. According to the official, this will only stimulate the development of the domestic market of digital financial assets (DFAs). He added that next year could become the “year of DFAs” in Russia, TASS reports.

News on the TASS website

What is known about the sanctions? On October 6, the EU authorities imposed a complete ban on the maintenance of the crypto wallets of the Russian Federation’s citizens. Russians will also not be able to create accounts or store digital assets on crypto platforms, regardless of their amount.

What other statements have been made? Aksakov noted that such decisions had already been made before, but de facto nothing had changed, and all restrictions were easily circumvented. Russia will develop its own blockchains for the circulation of DFAs, and the restrictions imposed will lead to the active development of modern technologies, the deputy stressed.

In this, Aksakov considers it unacceptable to use DFAs as a means of payment within the country, he even suggested prosecuting for such a thing. In late September, he reported that the largest Russian exchanges are ready to start working with cryptocurrencies. This will become possible as soon as the legal conditions for the implementation of international crypto payments are created. The Bank of Russia and the Ministry of Finance are currently working on the relevant draft law.

Earlier, the managing partner of GMT Legal Andrey Tugarin said that crypto exchanges with a license in the EU countries would be forced to comply with new sanctions, which, in turn, would new opportunities for non-custodial platforms and DeFi projects.

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