Russia’s Moscow Stock Exchange wants to begin issuing and trading digital financial assets by the end of the year.
If it gets its way, the Moscow exchange will become just the 9th entity licensed to do so.
Russian Firms Embrace Digital Financial Assets
Amid difficulty accessing foreign funding in the current geopolitical climate, Russian businesses have increasingly turned to digital assets as a way to raise money.
And since 2021, Russian regulation has provided just such an avenue to shake up financial markets. Under the 2021 Act, Digital Financial Assets (DFA) are a category of asset that exists somewhere between crypto and traditional securities.
Essentially, DFAs are tokenized shares in a company or other corporate venture. In recent years, various entities have used them to raise capital. And their popularity is growing.
For example, last month, the state-owned Russian Railways carried out the largest financial instrument issuance to date. The national railway operator raised 15 billion rubles through its DFA sale.
But up until now, the country’s largest stock exchange hasn’t fully embraced the technology.
Last month, the St Petersburg Stock Exchange became the first exchange operator to register with the Bank of Russia as a DFA exchange.
Including the St Petersburg exchange, eight companies are registered to issue and list DFAs. These include Sberbank, Alfa-Bank, and the digital asset platform Atomize.
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Moscow Stock Exchange Eyes End of 2023 for DFA Listings
In comments reported by BeInCrypto, Sergey Demidov, Director of Information Security at the Moscow Exchange Group, said the company was planning t
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Author: James Morales
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