Moscow Exchange Proposes Crypto Receipts for Those Afraid of Blockchain – Bitcoin News

Moscow Exchange proposes to legalize the issuance of receipts for digital financial assets. The trading platform said this would allow custodians to offer services that essentially work with securities for clients who are not yet ready to use distributed ledgers. MOEX also plans to become a licensed cryptocurrency exchange operator.

Russia’s largest stock exchange prepares to enter the digital asset market

Russia’s leading stock and derivatives exchange has drafted new legislation authorizing depositories to issue receipts for digital financial assets (DFAs). In current Russian law, the broad term “DFA” includes cryptocurrencies without a more precise definition, but mainly refers to digital coins and tokens with an issuer.

Under this arrangement, DFA receipts can be traded as securities, explained Sergei Shvizov, head of the supervisory board of the Moscow Exchange.MOEX). In the latest edition of the International Banking Forum, the official emphasized that exchanges “will naturally enter this market,” stating:

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

MOEX has submitted the corresponding bill to the Central Bank of Russia (CBR) and will coordinate the initiative with the Ministry of Finance. Shvetsov added that the legislation will provide those who are not ready to use distributed ledgers and are afraid of custodial risks the opportunity to transfer those risks and be able to issue securities.

“In order for DFA to grow, we would like to advise the market to make its own choice — blockchain accounting or depository accounting,” he elaborated further, reminding listeners that Moscow Exchange would also like to be licensed by the CBR to operate as a digital asset exchange. August, MOEX Announce It intends to launch a DFA-based product by the end of this year.

“If such a law is passed, depository institutions in Russia will be able to accumulate DFAs in their blockchain accounts and provide their receipts to their clients. Once the client needs the underlying asset, he will cancel the receipts and place them in his blockchain account to receive his digital assets,” Shvetsov was quoted as saying by Prime Business News.

Moscow has been supporting allowing digital assets such as cryptocurrencies to be used for international settlements during sanctions, but it is unclear whether regulators will allow them to circulate freely within the country. In any case, Russia must build its own crypto infrastructure, according to the head of the parliamentary committee on financial markets. Anatoly Aksakov It was recently stated that the stock exchanges in Moscow and St. Petersburg are ready to offer it.

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bill, blockchain, cryptocurrency, cryptocurrency exchange, cryptocurrency, cryptocurrency, DFA’s, digital assets, stock, exchange, legislation, Mox, Moscow Exchange, Receipt, Russia, Russian, securities

Do you think Moscow Exchange will become a major player in the Russian crypto market? Share your thoughts on the topic in the comments section below.

Lubomir Tasev

Lubomir Tassev, a journalist from tech-savvy Eastern Europe, likes Hitchens’ famous quote: “Being a writer is who I am, not what I do.” Beyond crypto, blockchain and fintech, international politics and The economy is two other sources of inspiration.

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