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- The Moscow exchange is going to introduce a product based on digital financial assets.
- MOEX is working with one of its partners for the placement of digital tokens.
The Moscow exchange, which is the largest exchange group in Russia, is willing to introduce a product based on digital financial assets. An official has disclosed that the launch is scheduled for the end of this year. The exchange is functioning with a partner to arrange the placement of virtual tokens.
The introduction of a product that is based on digital financial assets (DFAs) is the target for this year, a top-ranking official of the Moscow Exchange (MOEX) disclosed in an interview.
The announcement was made after an unstable period for the leading stock market of Russia when it dealt with all ups and downs of the market along with sanctions pressure and cyberattacks at the beginning of 2022.
At the same time, ‘digital rights,’ digital financial assets are the main legal word in the law of Russia presently. It is applied to different virtual assets which also include cryptocurrencies, if we go through some explanations by the officials of Russia, however, essentially those that have a certain issuer.
“This is a company from the real economy”- Andrey Burilov
Currently, MOEX is working with one of its partners to figure out a project for the placement of digital tokens. Andrey Burilov, Managing Director for Information Technology and Member of the Board of the Moscow Exchange, gave an interview to Tass news agency, in which he highlighted this is a company from the real economy and explained:
The most important part here is to link the fixed assets of the company with the investment market by the use of digital technologies.
Burilov further added that digitizing commodities creates added value for market members. MOEX has a target of utilizing DFAs for proposing to its clients the other investment tools, which eventually proposes a fundamentally fresh way to make sure information security.
The main problem with the implementation
Burilov also highlighted that the main problem talking about implementation is that this is an entirely new product for the market, from law to software. The other challenge is its amalgamation into the existing systems of the exchange and its customers.
At the beginning of July, the head of the Financial Market Committee in the lower house of parliament announced that a digital asset exchange from Russia will be the best place to operate the crypto transactions in the state. Aksakov also commented that the crypto exchange platform may be set up at the Moscow Exchange.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
