Russia’s Leading Stock Exchange Joins Crypto Industry
According to Russian media reports, the Moscow Exchange (MOEX) is developing legislation to allow trading in digital financial assets (DFAs) and securities based on them. The measure is being written on behalf of the Russian Central Bank, which does not have the authority to initiate legislation.
Speaking at a banking conference, MOEX supervisory board chair Sergei Shvetsov said the bill in preparation foresees trading in both DFAs and DFA certificates that would trade like securities. Shvetsov said:
“The exchange and its subsidiaries will apply to the regulator and I hope that they will receive the status of exchange operators.
We want the market to make its own choice between blockchain accounting and depositary accounting, and if the law is passed, Russian depositories will be able to hold DFAs in their accounts on the blockchain — as soon as the client needs the underlying asset, they redeem the certificate and receive the asset in their account on the blockchain.”
Lack of familiarity is an impediment to distributed ledger technology in Russia, according to Shvetsov.
“When you don’t know who to call and who to sue, many people don’t want to participate. It’s a blank sheet that we can draw whatever we want on, according to the needs of the economy and investors,” he said.
Shvetsov added the Russian Central Bank is now reviewing the measure. Anatoly Aksakov, State Duma finance committee chair and chairman of the Russian Banking Association, proposed in July that MOEX become a cryptocurrency exchange, following in the footsteps of the Toronto Stock Exchange and the Deutsche Boerse.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu