Moscow Exchange plans to issue receipts on digital financial assets

The Moscow Exchange has submitted for consideration to the Bank of Russia and the Ministry of Finance a bill on the issuance of receipts for digital financial assets (DFAs). This was stated by Sergei Shvetsov, head of the exchange’s supervisory board, according to РБК.

According to Shvetsov, such receipts will trade as securities, and upon redemption, the holder will receive the corresponding digital financial asset.

«The product is designed for those who are not ready to open accounts in distributed registries and fear custodial risks, but want to work with digital assets», he said.

The Moscow Exchange plans to obtain the status of an operator of DFA exchange and to issue a product based on these financial instruments by the end of the year.

Earlier, on July 6, the State Duma adopted a law that directly prohibits payments for goods and services using digital financial assets and utilitarian digital rights.

In late June, Russia adopted a law on taxation of DFAs. The document does not affect cryptocurrencies.

Earlier in the same month, deputies submitted for consideration a bill providing administrative liability for illegal issuance and exchange of DFAs.

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