Moscow Stock Exchange Drafts Bill on Digital Financial Assets and Securities Trading: Report


The Moscow Stock Exchange (MOEX) is drafting a bill to allow trading in digital financial assets (DFAs) and securities based on them, according to a report in the Russian press. The stock exchange is drafting the bill on behalf of the Russian Central Bank, which does not have the power to introduce legislation, according to the Vedomosti newspaper. reported Thursday.

Speaking at a banking conference, MOEX Supervisory Board Chairman Sergei Shvetsov said the draft law in preparation provides for the trading of both DFAs and DFA certificates which would trade like securities. “The exchange and its subsidiaries will apply to the regulator and hopefully they will receive the status of exchange operators” to trade DFAs, Shvetsov said. He added:

“We want the market to make its own choice between blockchain accounting and custodial accounting, and if the law passes, Russian custodians will be able to hold DFAs in their accounts on the blockchain – whenever the client needs the asset. underlying, they redeem the certificate and receive the asset in their account on the blockchain.

Lack of familiarity is a barrier to distributed ledger technology in Russia, according to Shvetsov. “When you don’t know who to call and who to sue, a lot of people don’t want to participate,” he said, but “it’s a blank slate on which you can draw whatever you want, as needed. economy”. and investors.

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Shvetsov said the bill is currently being reviewed by the Russian Central Bank. Chairman of the State Duma Finance Committee and head of the Russian Banking Association Anatoly Aksakov suggested in July that MOEX should become a crypto exchange, like the Toronto Stock Exchange and Deutsche Boerse .

A MOEX spokesperson said in August that the exchange expects to be allowed to trade DFAs. “It’s in the interest of our clients,” said MOEX International Chief Strategy Officer Artem Zheleznov.


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