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Russia’s largest market for stocks, bonds and derivatives, the Moscow Stock Exchange, intends to launch a product based on digital financial assets by the end of the year, an executive has revealed. The trading platform is already working with a partner to organize the placement of digital tokens.
Releasing a product based on digital financial assets (DFA) is in the plans for 2022, a senior representative of the Moscow Exchange (MOEX) has indicated in a recent interview. The announcement comes after a turbulent period for Russia’s leading stock market as it had to deal with market volatility, sanctions pressure and cyber attacks earlier this year.
Next to “digital rights”, DFA is currently the main legal term in Russian law that applies to various digital assets, including cryptocurrencies according to some statements by Russian officials, but primarily those that have a specific issuer.
MOEX is now working with one of its partners to realize a project to place digital tokens, CEO of information technology and board member Andrey Burilov told the Tass news agency. He noted that this is a company from the real economy and elaborated:
The main point here is to connect the company’s fixed assets with the investment market using digital technologies.
Digitization of goods creates added value for the market players, stressed Burilov. MOEX aims to use DFAs to offer its clients another investment tool that offers a fundamentally new way to ensure information security.
Burilov also noted that the main problem in terms of implementation is that this is a completely new product for the market, from regulation to software. Another challenge is its integration into the existing systems of the exchange and its customers, he pointed out.
In early July, the head of the Financial Markets Committee of the Lower House of Parliament stated that a Russian digital asset exchange would be in the best position to process crypto transactions in the country. Anatoly Aksakov also suggested that the crypto trading platform can be established on the Moscow Stock Exchange.
Do you think MOEX will fulfill its plan to start trading digital financial assets by the end of the year? Tell us in the comments section below.
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