First digital financial assets may appear in Russia before the end of 2022

What’s new? Three platforms for the issuance of digital financial assets (DFAs) have already been registered in Russia, with two more being prepared for launch. And by the end of 2022, the first DFAs can be issued. This was announced by the head of the State Duma Committee on the Financial Market Anatoly Aksakov at the plenary session of the Moscow Academic Economic Forum.

Recording of the meeting on Youtube

What other statements have been made? Aksakov confirmed the registration of platforms for the issuance of DFAs by SberBank, Norilsk Nickel, and Transmashholding. According to the official, DFAs will be able to become the basis for financial settlements on the blockchain. In addition, their use will gradually transfer all relationships between companies to a distributed ledger.

Anatoly Aksakov also said that in the nearest future the draft law “On Digital Currency” will be submitted to the State Duma. More details about its provisions can be found in our material.

What events happened before? In April, the Ministry of Finance of the Russian Federation stated the importance of digital assets for the financial market. According to the Director of the Financial Policy Department Ivan Chebeskov, qualified personnel and clear regulation are needed for the development of the cryptocurrency industry.

On April 26, the Bank of Russia held a closed meeting on the concept of organized trading in digital financial assets and utilitarian digital rights. The main thesis of the concept of organized trading involves the admission of stock exchanges and central counterparties to the cryptocurrency market. The proposal was welcomed by representatives of exchanges, who spoke out in favor of trading on their platforms.

Also in late April, deputies from the “New People” party Anton Tkachev, Vladimir Plyakin, Grigory Shilkin, and Sardana Avksentyeva submitted the draft law “On Mining in the Russian Federation” to the State Duma. According to the document, individuals would be allowed to engage in cryptocurrency mining, subject to registration as an individual entrepreneur or self-employed person. In addition, the draft provides for registration in the register of mining participants if their electricity consumption exceeds the limits set by the Russian government.