The Bank of Russia proposed that the public discuss the further development of the digital financial asset market in the country.
The regulator prepared a document, through which it plans to study:
- the possibility of trading DFAs on exchange venues;
- harmonisation of tax treatment of DFAs with traditional financial instruments;
- the conditions for acquiring DFAs by institutional investors and the accounting treatment of such investments;
- opening the domestic market to foreign issuers from friendly countries.
The Bank noted that the main advantages of DFAs are automated trades through the use of smart contracts, improved information storage, increased efficiency of business processes, and reduced costs.
Better regulation will help develop the digital-asset infrastructure and boost its attractiveness for issuers and investors, the regulator said.
The Bank of Russia is accepting comments and proposals on the document until 7 December.
As a reminder, the DFA law was adopted in 2020 and took effect on 1 January 2021.
In June the State Duma of the Russian Federation defined the tax treatment of transactions with DFAs, and a month later banned payments for goods and services using DFAs and utilitarian digital rights.
At the end of September, the Moscow Exchange sent to the Bank of Russia and the Ministry of Finance a bill on the issuance of CFA receipts.
In October, the head of the State Duma Committee on the Financial Market, Anatoly Aksakov, called the EU’s cryptocurrency sanctions an impetus for the development of digital assets in Russia.
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