Fun

Bill Allows Russian Financial Platforms to Operate Blockchains, Issue Digital Assets

News Feed - 2023-02-18 08:02:50

Bill Allows Russian Financial Platforms to Operate Blockchains, Issue Digital Assets


A draft law filed in the Russian parliament permits operators of platforms providing financial services to also run blockchain platforms. The legislation will allow them to combine their regular activities in the traditional financial market with issuing digital assets. New Law Opens Door to Blockchain Space for Russian Financial Service Providers


The State Duma, the lower house of parliament in Russia, has adopted on first reading a bill allowing financial marketplaces, as defined by another Russian law, to also function as blockchain platforms facilitating the issuance and exchange of digital financial assets (DFAs).


The legislative initiative comes from a group of lawmakers headed by the chairman of the parliamentary Financial Market Committee, Anatoly Aksakov, crypto news outlets Bits.media and RBC Crypto reported. Its main purposes is to help the development of tokenized cashless payments, the digital ruble, and DFAs.


The latter are regulated by the law “On Digital Financial Assets,” which went into force in January, 2021, and mostly covers digital assets with an issuer. Transactions with decentralized cryptocurrencies like bitcoin are yet to be legalized in Russia.


The new bill builds on the law “On Conducting Financial Transactions Using Financial Platforms,” which came into effect in 2020. It describes the said financial platforms as information systems that provide financial organizations with an opportunity to meet consumers online.


On these platforms, individual investors have access to financial instruments, banking and insurance services, as well as services offered by companies working in the securities market. The possibility to integrate financial and blockchain services will expand the types of activities that their operators can perform and the range of products and services they can provide, the sponsors noted.


Amid Western financial restrictions, the Russian government has been exploring ways to develop its digital assets market. The Central Bank of Russia has already added several entities to its register of authorized DFA issuers. These are the tokenization service Atomyze, the fintech company Lighthouse, as well as Sberbank and Alfa-Bank, Russia’s largest state-owned and private bank, respectively. Tags in this story bill, Blockchain, blockchain platforms, Crypto, crypto assets, DFA, DFAs, Digital Assets, digital financial assets, financial platforms, issuers, issuing, Law, Legislation, products, Russia, russian, Services


Do you think the new law will stimulate the development of blockchain technologies and digital assets in Russia? Tell us in the comments section below. Lubomir Tassev


Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration. Swiss Crypto Company Taurus Raises $65 Million From Credit Suisse, Other Banks FINANCE | 2 days ago Ukraine Speeds Up Digital Hryvnia Project, Plans Pilot for This Year FINANCE | 3 days ago


Image Credits: Shutterstock, Pixabay, Wiki Commons, Ultraskrip / Shutterstock.com Previous articleMoody’s Says Forex Shortages May Force Nigerian Central Bank to Delay Repaying Local Banks Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItToday"s Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits


As the crypto economy hovers just under $2 trillion in value, application-specific integrated circuit (ASIC) mining devices are making decent profits. While ASIC miners can still mine ethereum, a 1.5 gigahash (GH/s) Ethash mining device can rake in $51.58 per ... read more.UAE Airliner Emirates to Launch NFTs and Experiences in the Metaverse Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing Ethereum Foundation"s Financial Report Discloses It Holds $1.6 Billion in Assets, 80.5% Held in Ether Terra"s Algorithmic Dollar-Pegged Crypto UST Is Now the Third-Largest Stablecoin

News Feed

Indian Police Search for Bitconnect Founder After the US Indicted Him for Defrauding Crypto Investors
Indian Police Search for Bitconnect Founder After the US Indicted Him for Defrauding Crypto Investors The Indian police have launched an investigation into Bitconnect and booked it
Elias Ahonen2 hours agoThe story of a crypto influencer’s attempt to bend realityA bizarre tale about Carl ‘The Moon” Runefelt asking Cointelegraph to revise history on his behalf by concealing old claims that he c
Red Bull Racing Partners With Bybit, F1 Team Says It’s the ‘Largest per Annum Crypto Sports Deal to Date’
Red Bull Racing Partners With Bybit, F1 Team Says It"s the "Largest per Annum Crypto Sports Deal to Date" Red Bull Racing (RBR) has announced the cryptocurrency exchange platform B
Bitcoin Sees Largest Net Taker Volume Drop Of 2025 – Traders React To Trump-Elon Clash
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Mac users beware: AMOS malware clones wallet apps and comes for your crypto
Christopher Roark10 hours agoMac users beware: AMOS malware clones wallet apps and comes for your cryptoThe AMOS stealer targeting Mac users can now clone Ledger Live software and may soon clone other wallet apps, warns
Biggest Movers: DOGE Snaps Losing Streak as SOL Hits Fresh 6-Week High
Biggest Movers: DOGE Snaps Losing Streak as SOL Hits Fresh 6-Week High Dogecoin snapped a two-day losing streak on Thursday, as sentiment in crypto markets remained bullish. The me
William Suberg12 hours agoBitcoin shorts keep burning as BTC price seeks to hold $27KBitcoin stubbornly refuses to give up its latest gains as BTC price seeks to flip $27,000 to support into September’s last Wall Stree
Cardingo – a Curated Designer NFT Marketplace and Series for Cardano
Cardingo - a Curated Designer NFT Marketplace and Series for Cardano press release PRESS RELEASE. Sydney, Australia – Cardingo is an NFT series and Cardano NFT marketplace th
Bitcoin traders set six-figure price targets after BTC reclaims $61K
Nancy Lubale6 hours agoBitcoin traders set six-figure price targets after BTC reclaims $61KAnalysts forecast a Bitcoin run above $100,000 now that BTC reclaimed the $61,000 level.3542 Total views6 Total sharesListen to a
Transak becomes first US crypto on-ramp to enable wire transfers
Zoltan Vardai11 hours agoTransak becomes first US crypto on-ramp to enable wire transfersWire transfers in the world’s largest economy could attract more high-net-worth individuals to crypto.2320 Total views6 Total sha
Gareth Jenkinson14 hours agoUK’s ‘Help with Fees’ scheme won’t define crypto as disposable incomeThe Ministry of Justice’s proposed “Help with Fees” scheme will not classify cryptocurrencies as disposable i
Ethereum Struggles As Bitcoin Dominance Pushes ETH/BTC Pair To 4-Year Low
Este artículo también está disponible en español. Ethereum (ETH) continues to lose ground to Bitcoin (BTC) as the latter’s dominance rises, with US President-elect Dona