The State Duma, the lower house of the Russian parliament, is expected to receive a legislative package from the Central Bank of the Russian Federation (CBR) regarding the regulation of digital financial assets (DFAs) — which are coins and tokens with an issuing entity rather than cryptocurrencies like bitcoin according to the current Russian law.
Olga Skorobogatova, the bank’s deputy chairman, said during a forum on financial innovations called Finopolis that the proposals focus on three primary goals: improvement of taxation and removal of tax arbitrage, development of exchange platforms, and regulation of smart contracts.
The CBR executive emphasised Russia’s keen interest in the growth of DFAs. She stated that they believe this is a great new tool for financial market participants.
Skorobogatova disclosed that nine applications from businesses requesting licences to issue and circulate digital financial assets are now being reviewed by the monetary authorities. Sberbank, Atomyze, and Lighthouse are the three “information system operators” that have already been given permission to carry out that task, she said.
Since more than a year ago, there have been discussions about the legal status of cryptocurrencies and the regulation of the cryptocurrency market in Russia. The CBR has historically maintained a rigid attitude, and in January it proposed a complete ban on mining, trading and other related activities.
However, sanctions related to the Ukrainian war — such as restriction of foreign payments — have weakened its stance. In September, the monetary authority and the finance ministry came to the conclusion that, given the current situation, Russia could not function without cross-border cryptocurrency payments.
