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, as reported by Cointelegraph.
According to Vedomosti, the stock exchange is preparing the bill on behalf of the Russian Central Bank, which does not have the authority to submit legislation.
MOEX supervisory board head Sergei Shvetsov stated at a banking conference that the bill in preparation envisions trading in both DFAs and DFA certificates that trade like securities. “The exchange and its subsidiaries will apply to the regulator,” Shvetsov said, “and I expect that they will be granted the status of exchange operators” to trade in DFAs.
“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,” Shvetsov added.
According to Shvetsov, 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.
In August, a MOEX spokesman stated that the exchange hopes to be permitted to trade DFAs. “It’s in our clients’ best interests,” said Artem Zheleznov, managing director of strategy at MOEX International.
(With insights from Cointelegraph)
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