The Moscow Exchange, which is Russia’s biggest consumer for commodities, bonds, and commodities, is planning to launch a commodity based on digital financial assets before the end of the year, according to the revelations of an executive with the company. The buying and selling is now engaged in discussions with a third party in order to coordinate the placement of digital tokens.
Trading of Financial Instruments that Are Based on Digital Assets Will Be Facilitated on Russia’s Leading Exchange
According to statements made by a high-ranking official of the Moscow Exchange (MOEX) in a recent interview, the year 2022 is on the agenda for the launch of a product that will be based on digital financial assets (DFAs). The announcement comes after a difficult time for Russia’s biggest stock market, which had to contend with volatile market conditions, pressure from sanctions, and cyberattacks earlier this year.
According to some comments made by Russian officials, DFAs are currently the primary legal term in Russian law that apply to a variety of online services, including cryptocurrencies. However, this term primarily applies to digital products that have a specialised issuer. ‘Digital rights’ is the other primary legal term in Russian law.
According to statements made by Andrey Burilov, MOEX’s Managing Director for Information Technology and Member of the Board of Directors, MOEX is now cooperating with one of its stakeholders to implement a project to put digital tokens. This data has been provided to the Tass news organization. He made the observation that this is a real economy organization and expanded as follows:
The primary objective here is to utilize digital technology in order to establish a connection between the business’s fixed assets and the investment market.
Burilov underlined that digitizing commodities results in more value being created for market participants. MOEX intends to use DFAs in order to provide its investors with another alternative investment that provides a truly revolutionary manner to ensure information security. This goal will be accomplished through the utilization of DFAs.
Burilov made the additional observation that the fact that this is a fully new product for the market, from legislation to software, presents the most significant challenge in terms of its execution. He mentioned that integrating it with the pre-existing procedures of both the interchange and the customers of the exchange was another problem.
At the beginning of the month of July, the head of the Financial Market Committee in the lower chamber of the parliament made a statement to the effect that a Russian digital asset exchange would be in the best position to conduct cryptocurrency transactions in the nation. Additionally, Anatoly Aksakov brought up the possibility that the cryptocurrency trading platform may be set up at the Moscow Exchange.