The Central Bank of Russia is offering a reward or incentive to customers holding digital assets. The idea has been revealed along with a consultation paper published for public discussion on the development of the Russian Federation’s digital asset market, according to reports.
An excellent and informative report on Russian digital assets has been published by the Monetary Authority of Russia. The document covers the development of the market for digital financial assets and utility digital rights, and the legal terms partially cover cryptocurrencies and tokens. According to the Central Bank of Russia (CBR), a DFA framework needs additional regulations to better harmonize and regulate interoperability with the regulations governing the industry that will ensure safety in investments and lead to better investment, circulation and liquidity. According to the CBCBR, this proposal will create new opportunities for Russian citizens and businesses and facilitate transactions with digital assets and digital rights and also reduce operating costs.
The Russian central bank is also keen to see improvements in the identification procedures implemented for DFA holders. This will allow the country to allow foreign DFAs to enter its market and, in particular, to adopt the rules of smart contracts and develop the necessary accounting procedures, as certified by RBC Crypto. Feedbacks being sought by CBR next month include the facility of tokenization of various assets such as securities and bonds, precious stones and metals, property rights in the form of non-fungible tokens, and secure claims.
Russia aims to expand the regulatory framework for DFAs and the debate over the status of decentralized assets such as cryptocurrencies has been going on for months. While the central bank called for a complete ban on crypto activities in January and agreed with the Ministry of Finance in Moscow to legalize cross-border crypto payments.
