Russia will discuss the use of the CFA at exchange trading

The Bank of Russia invited the public to discuss the further development of the digital financial assets market (Tsf) in the country.

The regulator has prepared a report with which it plans to study:

• the possibility of circulating digital assets at exchange trading;
• harmonization of approaches for their taxation with traditional financial instruments;
• conditions for the acquisition of digital assets with individual institutional investors and The UAE presented the procedure for accounting for such investments;
• The opening of the domestic market for foreign issuers from friendly countries.

The Central Bank emphasized that the main advantages of the Tsfa are automation of transactions through the use of smart contracts, optimizing information storage, increasing the efficiency of business processes and reducing costs.

Improving regulation will develop the infrastructure of digital assets, increase their attractiveness for issuers and investors, the regulator believes.

The Bank of Russia accepts comments and proposals on the report until December 7.

Recall that the Law on the TsFA was adopted in 2020 and entered into force on January 1, 2021.

In June, the State Duma of the Russian Federation determined the procedure for taxation of operations with digital financial assets, and a month later banned the payment of goods and services using the Tsf and utilitarian digital rights.

At the end of September, the Moscow Exchange sent a bill on the issue of receipt of receipts to the Tsfa to the Central Bank of the Russian Federation and the Ministry of Finance.

In October, the head of the State Duma Committee on the Financial Market Anatoly Aksakov called the EU cryptocurrency sanctions for the development of digital assets in the Russian Federation.

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