Bank of Russia Sets Timeline for Regulatory Documents on Digital Financial Assets

By the end of 2022, the Bank of Russia will submit to the State Duma a series of legislative initiatives concerning the regulation of digital financial assets (DFA). This was stated by First Deputy Governor Olga Skorobogatova at the Finopolis forum.

In her words, the package of regulatory documents includes three main directions:

• improving taxation and eliminating tax arbitrage;
• development of platforms for DFA exchange;
• defining approaches to regulating smart contracts.

Skorobogatova noted that the last issue has sparked much debate in the professional community, given potential risks to consumers and the financial stability of large business projects.

Overall, the central bank representative noted interest in developing DFAs within Russia.

“We believe this is a very good new instrument for participants in the financial market,” said Skorobogatova.

She also said that the Bank is processing nine applications for the status of an information-systems operator, which would give companies the right to issue and circulate DFAs within platforms.

Three operators are currently listed in the registry: Atomyze, Sberbank and \”LightHouse\”.

Earlier the regulator prepared report, through which it plans to discuss the further development of DFAs, including the possibility of trading digital assets on exchange trading.

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