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Bill allows Russian financial platforms to operate blockchains and issue digital assets – Finance

A bill tabled in the Russian parliament also allows operators of platforms offering financial services Blockchainto operate platforms. The legislation will allow them to combine their regular activities in the traditional financial market with the issuance of digital assets.

New law opens door to blockchain space for Russian financial service providers

The State Duma, the lower house of parliament in Russia, has passed a bill at first reading that would allow financial marketplaces, as defined by another Russian law, to also function as blockchain platforms facilitating the issuance and exchange of digital financial assets (DFAs). .

The legislative initiative comes from a group of lawmakers led by Parliamentary Financial Markets Committee Chairman Anatoly Aksakov, crypto news outlets and RBC Crypto reported. Its main purpose is to support the development of tokenized cashless payments, the digital ruble and DFAs.

The latter are governed by the “On Digital Financial Assets” law, which came into force in January 2021 and largely covers single-issuer digital assets. Transactions with decentralized cryptocurrencies How Bitcoin have yet to be legalized in Russia.

The new draft law builds on the law “On Conducting Financial Transactions Using Financial Platforms”, which came into force in 2020. He describes the financial platforms mentioned as information systems that offer financial organizations the opportunity to meet consumers online.

On these platforms, retail investors have access to financial instruments, banking and insurance services, as well as services provided by companies operating in the securities market. The ability to integrate financial and blockchain services will expand the types of activities their operators can undertake and the range of products and services they can offer, the sponsors noted.

Amid Western financial constraints, the Russian government has been looking for ways to develop its digital asset market. The Central Bank of Russia has already included several companies in its Register of Approved DFA Issuers. These are the tokenization service Atomyze, the fintech company Lighthouse, as well as Sberbank and Alfa-Bank, Russia’s largest state and private banks respectively.

Do you think the new law will boost the development of blockchain technologies and digital assets in Russia? Tell us in the comment section below.

Bill allows Russian financial platforms to operate blockchains and issue digital assets – Finance, Crypto Trading News

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchen’s quote: “Being a writer is what I am, not what I do.” Along with crypto, blockchain and fintech, international politics and business are two other sources of inspiration.

photo credit: Shutterstock, Pixabay, Wiki Commons, Ultraskrip /

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Source: Crypto News Deutsch

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