Russia’s first digital financial assets are expected this year, according to a lawmaker.
According to Anatoly Aksakov, the head of Russia’s legislative committee supervising the financial industry authorized Russian blockchain platforms may issue their first digital financial assets (DFAs) by the end of 2022. Speaking at the Moscow Academic Economic Forum, Aksakov stated that Russia is currently actively working on this subject following the passage of the “On Digital Financial Assets” law in January 2021. In current Russian legislation, DFA is the legal term that embraces cryptocurrency. Three platforms, designed by a subsidiary of Norilsk Nickel, Transmashholding, and Russia’s largest bank, Sberbank, are already registered as DFA issuers, according to the Russian deputy. Two more will be granted shortly.
According to the legislator, these DFAs will be used for financial transactions as well as units of account in business relationships with partners and subsidiaries. “This is, to some extent, an alternative to the financial settlements that exist today on the basis of the dollar, euro, or other currencies,” he explained. Anatoly Aksakov stressed that the Russian government supports the legality of the digital asset market through strong regulation and is working on a new bill to do so. He was referring to the Ministry of Finance’s proposed bill “On Digital Currency,” which has yet to be submitted to the State Duma.
Russia has been speeding up attempts to create laws for its digital assets field, and this measure should broaden the sector’s legal framework, which was only partially controlled under the statute “On Digital Financial Assets.” While the finance ministry supports regulating cryptocurrencies and other digital assets, Russia’s Central Bank remains opposed to their legality.