Moscow Exchange Suggests Issuing Crypto Receipts For Those Afraid Of Blockchain

The Moscow Stock Exchange has proposed to legalize the issuance of receipts for digital financial assets. The trading platform says this will allow custodians to offer clients who aren’t ready for distributed ledgers to work primarily with securities. MOEX also plans to become a licensed crypto exchange operator.

The largest Russian exchange is preparing to enter the digital asset market

Russia’s leading stock and derivatives exchange has drafted new legislation that would allow custodians to issue receipts for digital financial assets (DFAs). In current Russian legislation, the general term “DFA” encompasses cryptocurrencies in the absence of a more specific definition, but primarily refers to digital coins and tokens that have an issuer.

Under such an arrangement, DFA receipts can be traded like securities, explained Sergey Shvetsov, who heads the supervisory board of the Moscow Stock Exchange (MOEX). During the latest edition of the International Banking Forum, the official pointed out that the exchange “will naturally enter this market” and said:

– Advertising –

We have prepared a project that allows you to issue receipts for digital assets, and then these receipts are released as securities.

The MOEX has already filed the corresponding bill with the Central Bank of Russia (CBR) and will also coordinate the initiative with the Ministry of Finance. The legislation will provide those who are not ready to work with distributed ledgers and fear custody risks an opportunity to transfer those risks and be able to issue securities, Shvetsov added.

“For DFAs to grow, we want to propose that the market itself make the choice – blockchain accounting or custodial accounting,” he clarified, reminding the audience that the Moscow Stock Exchange also wants to obtain a license. of the CBR to operate as a digital asset exchange. In August, MOEX announced plans to launch a DFA-based product by the end of the year.

“If such a law is passed, Russian custodians will be able to accumulate DFAs on their accounts in the blockchain and give receipts against them to their customers. As soon as a client needs the underlying asset, he would cancel the receipt and receive his digital asset on his blockchain account,” Shvetsov was quoted as saying by business news agency Prime.

Support has grown in Moscow to allow the use of digital assets such as cryptocurrencies for international settlements under sanctions, while it is still unclear whether regulators will allow their free circulation inside the country. In any case, Russia must create its own crypto infrastructure, according to the head of the parliamentary committee on financial markets. Anatoly Aksakov recently said that the Moscow and St. Petersburg stock exchanges are ready to provide it.

Keywords in this story

bill, Blockchain, Crypto, crypto exchange, Cryptocurrencies, Cryptocurrency, DFA, Digital Assets, shares, Exchange, Legislation, moex, moscow exchange, receipts, Russia, russian, Securities

Do you expect the Moscow exchange to become a major player in the Russian crypto market? Share your thoughts on the subject in the comments section below.

5D400B11 D5DE 4922 B4F4 0F7229C37672

Lubomir Tassev

Lubomir Tassev is a tech-savvy Eastern European journalist who loves Hitchens’ quote: “Being a writer is who I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

Image credits: Shutterstock, Pixabay, Wiki Commons, T. Schneider / Shutterstock.com

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.

We wish to thank the author of this write-up for this remarkable web content

Moscow Exchange Suggests Issuing Crypto Receipts For Those Afraid Of Blockchain


Take a look at our social media profiles and also other related pageshttps://metfabtech.com/related-pages/