The Moscow Exchange (MOEX) is involved in making a draft bill to permit the trading of digital financial assets (DFAs) as well as securities that have them as their basis, as per a report published in the Russian press. The bill is being formulated by the stock exchange by the Russian Central Bank, with no power to offer legislation, as reported on Thursday by a newspaper named Vedomosti.
Moscow Exchange Structures a Draft Bill Dealing with Trading of Securities and Financial Assets
While being a part of a banking session, Sergei Shvetsov – the chairman of the supervisory board of MOEX – stated that the respective bill (in its groundwork) makes predictions in both DFAs as well as the DFA certificates to trade as securities. According to the chairman, the exchange and the subsidiaries thereof will request the regulatory agency and expectedly receive the position of exchange operators for the trading in DFAs.
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In the words of Shvetsov, they were of the view that the market should exclusively choose between depositary accounting and blockchain accounting. According to them, on the approval of the law, depositories operating in Russia will be capable of keeping DFAs in the blockchain-based accounts thereof.
In this way, as early as the consumers require the fundamental asset, they can redeem the certificate as well as get the respective asset in their blockchain-based account. In the words of Shvetsov, the deficiency in familiarity counts as an obstruction to the Russian distributed ledger technology. The chairman mentioned that when people do not have proper knowledge about who to prosecute and whom to consult with, several people do not intend to take part.
He moved on to say that, however, it counts as a blank sheet on which they can draw according to their wish as well as the requirements of the investors and economy. Shvetsov specified that the respective bill is presently going through a review conducted on the behalf of the central bank of Russia.
MOEX Expects an Approval for Trading DFAs
Anatoly Aksakov, the Russian Banking Association’s head and State Duma’s chairman for finance committee recommended in July this year that the status of MOEX is now that of a crypto exchange, after the instances of the Deutsche Boerse and the Toronto Stock Exchange. A spokesperson from MOEX brought to the front in August 2022 that the crypto exchange would expectedly be allowed for trading DFAs.
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