Russia’s largest stock, bond and derivatives market, the Moscow Stock Exchange, intends to launch a product based on digital financial assets by the end of the year, an executive has revealed . The trading platform is already working with a partner to organize the placement of digital tokens.
The first stock exchange in Russia to facilitate the trading of financial instruments based on digital assets
The release of a product based on digital financial assets (DFA) is in the plans for 2022, a high-ranking representative of the Moscow Stock Exchange (MOEX) said in a recent interview. The announcement comes after a turbulent period for Russia’s top stock market when it faced market volatility, sanctions pressure and cyberattacks earlier this year.
Along with “digital rights”, DFAs are currently the main legal term in Russian law that applies to various digital assets, including cryptocurrencies according to some statements by Russian officials, but mainly those that have a specific issuer.
MOEX is currently working with one of its partners to carry out a digital token placement project, Director General of Information Technology and member of the Board of Directors of the Moscow Stock Exchange, Andrey Burilov, told the Tass news agency. He noted that it was a real economy business and clarified:
The main thing here is to connect the company’s fixed assets with the investment market using digital technologies.
Digitization of commodities creates added value for market players, Burilov stressed. MOEX aims to use DFAs to provide its clients with another investment tool that offers a fundamentally new way of ensuring information security.
Burilov also pointed out that the main difficulty in terms of implementation is that it is a completely new product for the market, from regulation to software. Another challenge is its integration into the existing systems of the exchange and its clients, he pointed out.
In early July, the head of the lower house of parliament’s Financial Markets Committee said that a Russian digital asset exchange would be best placed to process crypto transactions in the country. Anatoly Aksakov also suggested that the crypto trading platform could be established at the Moscow Stock Exchange.
Do you think MOEX will realize its plan to start trading digital financial assets by the end of the year? Tell us in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons, Pavel L Photo and Video
Disclaimer: This article is for informational purposes only. This is not a direct offer or the solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service or company. bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.