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Evolution of digital asset market in Russia: consultation paper

7 November 2022

The Bank of Russia proposes to discuss possible circulation of digital assets at exchange trading, harmonisation of approaches to their taxation with traditional financial instruments, conditions for acquiring digital assets by individual institutional investors, establishment of the accounting procedure for such investments, as well as opening the domestic market for foreign issuers from friendly countries. These and other initiatives are included in the regulator’s consultation paper.

The issuance and circulation of digital assets is a new phenomenon in the financial market. Their advantage lies in the fact that they can be based on distributed ledger technology, thus automating transactions through smart contracts. Optimisation of data storage and transmission adds to the efficiency of business processes and reduces costs. An appropriate legal framework has been created in Russia for the issuance and circulation of digital assets in information systems. However, the market is currently at the early stage of its development and, in terms of volume, is many times behind the market of traditional financial instruments.

Further development of the digital rights market and the appearance of new products and services there require enhanced regulation. The initiatives of the Bank of Russia will contribute to the advancement of the infrastructure of digital assets and increase their attractiveness for issuers and investors while protecting their rights and interests.

The Bank of Russia accepts comments and suggestions on the consultation paper until 7 December 2022.