The Central Bank proposed to regulate the admission of foreign CFAs to the market
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Since at present the procedure for introducing foreign digital financial assets (DFA) into circulation on the Russian market is not regulated in any detail, the Central Bank (CB) considers it necessary to study this issue. The implementation of the initiative to admit foreign DFAs to the Russian market will allow Russian investors to make transactions with assets that meet the regulator’s “quality criteria”.
Together with market participants Bank of Russia plans work on the following aspects:
- qualification of foreign digital instruments as DFA in terms of their compliance with the principles of regulation;
- requirements for the quality of foreign DFAs (credit quality, collateral, liquidity) and their issuer;
- requirements for information security when making transactions with foreign CFAs;
- the procedure for accounting for foreign DFAs in the information system.
The report of the Central Bank for public consultations notes that foreign DFAs will have to comply with Russian information security standards. The regulator intends to establish criteria for foreign CFAs on its own.
Federal law The CFA came into force in July 2020. It establishes that DFA in Russia are tokens issued by operators accepted by the Central Bank in a special register. In October “b” informedthat brokers can be allowed to enter the DFA market (before the implementation of DFA exchange operators).
About brokers in the over-the-counter segment of the CFA – in the material “Kommersant” “CFA are preparing for secondary circulation”.
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