Russia’s Securities and Banking Association Forms Council for Digital Assets
Russia’s largest securities and banking association, the National Association of Stock Market Participants (NAUFOR), has established a council for the self-regulation of digital assets. The council, created by NAUFOR’s Board of Directors on January 30, aims to discuss regulatory issues and the practice of issuing and circulating digital assets. It will serve as a platform for interaction between digital asset providers and securities market players. Notably, many Russian information system operators that issue digital assets are either members of NAUFOR or associated with the organization. NAUFOR appointed Ekaterina Andreeva, its First Vice President, as the chair of the council.
Russian ‘Digital Asset’ Market Poised for Growth, Lawmakers Say
The terms “digital assets” and “digital financial assets” (DFAs) often cause confusion in Russia. While they can refer to digitized commodities, they also encompass cryptoassets like Bitcoin, CBDCs, NFTs, and digital securities. Moscow lawmakers believe that the domestic DFA market is ready to attract significant investments. Some officials have called for lifting buying caps for foreigners interested in purchasing Russian digital assets and CBDC coins. Although few companies have entered the DFA market so far, Nornikel, a major metals mining firm, plans to pay employee dividends using its minetoken coin. The head of the State Duma’s Committee on the Financial Markets expects an increase in the issuance of ruble-backed digital financial assets.
Hot Take: Russian Banking Association Launches ‘Digital Assets Council’
Russia’s National Association of Stock Market Participants (NAUFOR) has taken a significant step in regulating the country’s digital asset market by establishing a council dedicated to this emerging sector. The council will address regulatory challenges, discuss the issuance and circulation of digital assets, and facilitate collaboration between digital asset providers and securities market players. This move reflects Russia’s growing interest in digital assets and its recognition of the need for appropriate regulations to foster the development of this market. With the backing of major financial institutions and the appointment of a dedicated chairperson, the council is poised to play a crucial role in shaping the future of Russia’s digital asset industry.
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