Kofi Mensah Russian lawmakers have given the green light to blockchain platforms as financial market operators, opening up a new realm of opportunity for the development of blockchain technology. With this new law, these platforms will be able to combine their activities in the traditional financial world with the issuance of digital assets-making it easier for them to tap into an untapped market. This could be a major boon for the burgeoning blockchain industry, as it opens up new possibilities for both developers and investors.
Russian lawmakers OK blockchain platforms as financial markets
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 initiative comes from a group of lawmakers headed by the chairman of the parliamentary Financial Market Committee, Anatoly Aksakov. The main purposes of the new bill are to help the development of tokenized cashless payments, the digital ruble, and DFAs. The law “On Digital Financial Assets,” which went into force in January, 2021, 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.
Russian lawmakers have given the green light to two blockchain platforms, allowing them to operate as financial markets, and issue digital assets. This is a major win for the tech, as it opens up new possibilities for both investors and companies.
