Opinion: The imperfect DFA law is better than no regulation

The Law on Digital Financial Assets (‘DFA Law’) is imperfect, but the very appearance of regulation in the field of digital assets is progress. This conclusion was reached by participants in the online discussion ‘DFAs in Practice’, organized by Waves Enterprise.

According to Sergey Popov, director of the ‘Transactional Business’ division at Sberbank, the law creates a legal field for the emergence of a number of financial instruments that were previously impossible.

The DFA Law also promotes the digitization of the ruble and the creation of more flexible and user-friendly payment systems, says Dmitry Bulychkov, director of portfolio management for the management of piloting new technologies at VTB.

Some participants in the discussion were more critical.

Dmitry Zakharov, head of technology development at the National Settlement Depository, stressed that the law is only a hint towards regulation of blockchain.

Sergey Prilutsky, director of research at MixBytes, stated that the law largely leans on traditional mechanisms for regulating financial assets, which are not always applicable in the DFA sphere.

Nevertheless, business representatives from various sectors will take advantage of the opportunities created by the law, said Artem Tolkachov, founder and CEO of Tokenomica.

Some have already considered this — at Sberbank allowed the possibility of issuing a ruble-backed stablecoin.

President Vladimir Putin signed the Law on DFAs at the end of July.

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