The Moscow Exchange (MOEX) is drafting a bill that will foresee trading in digital financial assets (DFAs) and securities for the Russian Central Bank.
Sergei Shvetsov, the MOEX supervisory board chair, at a banking conference said the bill will look at trading in both DFAs and DFA certificates that would trade like certificates. He highlighted that the exchange and its subsidiaries will apply to the regulator. Shvetsov hopes they will receive the status of exchange operators to trade in DFAs.
The MOEX wants the market to make its own choice between blockchain accounting and depositary accounting. If the law is implemented, Russian depositories will be able to hold DFAs in their accounts on the blockchain. They will redeem the certificate when the client needs the underlying asset. The client will receive the asset in their account on the blockchain.
Shvetsov said lack of familiarity is an impediment to distributed ledger technology in Russia. Many people are hesitant to step into this space because they don’t know who to call and who to sue. However, the chair said it’s like a blank sheet that they can draw whatever they want on as per the needs of the economy and investors.
The Russian Central Bank is currently reviewing the bill.
