• Sat. Mar 2nd, 2024

Moscow Exchange To List Digital Financial Assets This Year

Aug 22, 2022

According to an executive at Russia Moscow Exchange, Russia’s largest market for bonds, equities, and derivatives, wants to launch digital financial assets services before the end of 2022. According to the executive, the platform is working with an unidentified partner to place digital tokens on the platform. 

Moscow Exchange To Support Trading Of Digital Assets 

In an interview, a top executive at the Moscow Exchange (MOEX) said the platform wants to release a product centered on digital financial assets (DFAs) in 2022.

This news comes after the country’s top stock market witnessed a turbulent time. At the beginning of the year, the exchange had to deal with cyberattacks, sanctions pressure, and market volatility. 

DFAs is a legal term which refers to different digital assets such as cryptocurrencies in Russian law. However, it relates primarily to those with a particular issuer.

Andrey Burilov, a member of the MOEX board of directors and managing director for infotech, said the bank is working with partners on a project to incorporate digital tokens into its platform. He added that the project’s central part is linking the firm’s fixed assets to the investment market through virtual technologies. 

According to Burilov, the digitalization of commodities created more value for investors and market participants. The MOEX wants to use DFAs as another investment opportunity for clients looking to expand their portfolios.

Burilov Highlights Certain Challenges 

Meanwhile, Burilov mentioned that integrating crypto into the exchange would be difficult. This is because it is a new product and requires a different form of regulation. 

Another challenge he mentioned is that the exchange’s existing systems do not support digital assets. Hence, the system would have to be tweaked to accommodate these nascent assets.

At the beginning of July, the leader of Russia’s Financial Market Committee in the lower house said a Russian exchange should be used for trading digital assets. The leader, Anatoly Aksakov, also added that the Moscow Exchange is a good option as it is one of the largest markets in the country.

With the latest report, it seems the exchange is working on adding crypto assets to its offerings. In July, the Russian president, Vladimir Putin, banned the usage of crypto for payment purposes in Russia. 

This means citizens cannot use it to pay for goods and services. However, the central bank of Russia has released a blueprint for its CBDC development which would take place gradually. 

Don't Miss Out On Bitcoin Evolution!

The Top Bitcoin and Cryptocurrency Price Prediction Software / Trading Robot

Sign Up

Try Crypto Engine With a Trusted Broker