The Moscow Exchange, in an effort to obtain the status of a CFA exchange operator, sent a bill to the Central Bank on issuing receipts based on digital assets.
Chairman of the Supervisory Board of the Moscow Exchange Sergey Shvetsov at the XIX International Banking Forum said that the trading platform sent an application for the issuance of receipts based on digital financial assets (DFA):
“We have prepared a project that allows you to issue receipts for digital assets, then these receipts circulate like securities. Those who are not ready to open accounts in distributed ledgers, who are afraid of custodial risks, will be able to transfer this risk to the accounting infrastructure in the usual form … will be able to issue securities.”
Shevtsov said that the Moscow Exchange is interested in the development of the CFA so that the market can choose blockchain accounting or depositary accounting.
“If the law is passed, Russian depositories will be able to accumulate CFAs on their blockchain accounts, and give receipts to clients instead. As soon as the client needs the underlying asset, he cancels the receipt, and receives a CFA on his blockchain account. We have submitted the bill to the Central Bank for it to study. And, of course, there is no way without the Ministry of Finance,” Shvetsov explained.
The head of the Supervisory Board of the Moscow Exchange recalled that the site intends to obtain the status of a CFA exchange operator. Shevtsov added that the Central Bank is easing restrictions on investing in digital financial assets.
“Next, an interesting question arises. The exchange traditionally sells the product through a broker. Whether it is necessary to sell CFA through a broker or build direct distribution to the final buyer – this remains to be seen. If a broker today largely acts as a consultant, helping a person to form a portfolio, then the challenge is that part of the portfolio can be formed through a broker, and part cannot, ”reasoned the chairman of the Supervisory Board of the Moscow Exchange.
Andrey Burilov, CIO and board member of the Moscow Exchange, said last month that the exchange plans to launch a digital financial asset (DFA) product this year.
Source: Bits
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