The Moscow Stock Exchange is drafting a bill on trading in securities and digital financial assets


According to Russian media, the Moscow Stock Exchange (MOEX) is developing legislation to allow trading in digital financial assets and securities based on them. According to Vedomosti, the exchange prepares the bill on behalf of the Central Bank, which does not have the power to submit legislation.

“We want the market to choose between blockchain accounting and custodian accounting, and if the law is passed, Russian custodians will be able to hold DFAs in their blockchain accounts – whenever the client needs the underlying asset, it redeems the certificate and receives the asset in their blockchain account.

MOEX Supervisory Board Chairman Sergei Shvetsov told a banking conference that the draft law in the works contemplates trading both DFAs and DFA certificates that trade like securities. “The exchange and its subsidiaries will apply to the regulator, and I believe they will obtain the status of exchange operators” to trade in the DFAs, Shvetsov added. He continued:

According to Shvetsov, lack of familiarity is a barrier to distributed ledger technology in Russia. “When you don’t know who to call and who to sue,” he explained, “a lot of people don’t want to participate,” but “it’s a blank sheet on which you can draw whatever you want, depending on the demands of the economy and the investors.

In August, a MOEX spokesperson said the exchange hopes to be allowed to trade DFAs. “It’s in the interest of our clients,” said Artem Zheleznov, chief strategy officer at MOEX International.

According to Shvetsov, the Russian Central Bank is reviewing the measure. Anatoly Aksakov, chairman of the State Duma’s finance committee and president of the Russian Banking Association, proposed in July that MOEX should become a cryptocurrency exchange, following in the footsteps of the Toronto Stock Exchange and Deutsche Boerse. .

Summary of news:

  • The Moscow Stock Exchange is drafting a bill on trading in securities and digital financial assets
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