Russia’s First Digital Financial Assets Expected This Year, Lawmaker Says

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Russian Digital Financial Assets Likely to Appear by Year’s End

Authorized Russian blockchain platforms may issue their first digital financial assets (DFAs) by the end of 2022, according to the head of the parliamentary committee overseeing Russia’s financial sector, Anatoly Aksakov.

Speaking during the Moscow Academic Economic Forum, Aksakov noted that Russia is now actively working in this field after adopting the law “On Digital Financial Assets,” which went into force in January 2021. DFA is the legal term that encompasses cryptocurrencies in the current Russian legislation.

The Russian deputy revealed that three platforms — developed by a subsidiary of Norilsk Nickel, Transmashholding, and Russia’s largest bank, Sberbank — are already registered as DFA issuers. Another two will be approved in the near future. Aksakov was quoted by Russian media as stating:

We expect that, maybe even this year, the first digital financial assets will be issued, and they will gradually become the basis for financial settlements on the blockchain.

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Russia’s First Digital Financial Assets Expected This Year, Lawmaker Says