According to a Russian press report, the Moscow Exchange (MOEX) is drafting a bill to allow trading in digital financial assets (DFAs) and securities based on them.
The bill is being written by the stock exchange on behalf of the Russian Central Bank, which does not have the right to legislative initiative.
Sergei Shvetsov, the MOEX supervisory board chair, said at a banking conference that the bill will oversee trading of both DFAs and DFA certificates that would trade like securities.
He further said, “We want the market to make its own choice, blockchain accounting or depositary accounting, and if the law is passed, then Russian depositories will be able to accumulate CFA on their accounts in the blockchain – as soon as the client needs the underlying asset, he will redeem the receipt and to his account in blockchain will receive the asset.”
Shvetsov also mentioned that there are various risks associated with this technology. “This is a white sheet on which we can draw whatever we want, based on the needs of the economy and investors.”
The bill is currently being reviewed by the Russian Central Bank.