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Moscow Stock Exchange prepares draft law on trading of digital financial products

 


The Moscow Stock Exchange (MOEX) is currently working on a draft law that would allow the trading of digital financial products (DFAs) and related securities. As reported by the Russian media , the stock exchange is preparing the law in question at the behest of the Russian central bank, which has no powers to introduce bills itself.


The MOEX supervisory board chairman Sergei Shvetsov explains at a banking conference that the law is intended to regulate trading in digital financial products, which should therefore be viewed similarly to securities. "Our exchange and affiliates will apply to the regulator for trading platform status" to operate with DFAs. Shvetsov adds:


“We want the market to ultimately be able to decide for itself whether custody is to take place in the traditional way or via blockchain. Alternatively, if the law passes as proposed, Russian custodians can keep the DFAs on the blockchain, and as soon as a customer needs the associated asset, the associated certificate will be redeemed and the asset released on the blockchain.”

According to Shvetsov, the lack of experience in handling digital assets is still the main obstacle to their adoption: "If you don't know who to contact in case of doubt or if you can sue, then people prefer to keep their hands off it. […] But in the end it is a kind of blank check that business and investors can make up as they need it.”


First of all, the draft will now be examined by the Russian central bank. Anatoly Aksakov, the chairman of the parliamentary banking committee, had already suggested in July that the MOEX could also act as a crypto exchange in addition to its function as a classic exchange, as the Toronto Stock Exchange and the German Stock Exchange are already doing.

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