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Home News Latest News

The Bank of Russia Presents NFTs and Smart Contract Regulation

9 November 2022
in Latest News, News
Reading Time: 2 mins read
106 2
Russia's chief financial regulator stated that the country now has a stable regulatory environment that is conducive to the development of a legitimate market for digital assets.

Source: pymnts.com

In a recent consultative report, Russia’s chief financial regulator stated that the country now has a stable regulatory environment that is conducive to the development of a legitimate market for digital assets. However, it may introduce more specific regulations for the taxation of utility tokens and digital securities. 

According to the report, where digital assets offer similar features to traditional securities, they may be regulated similarly. A new regulatory framework that differs from the one currently in place for the securities market can be developed if the underlying technology enables it to manage consumer risks and the necessity for regulating smart contracts. The report mainly addresses issues with distributed digital assets in Russia according to the 2020 law on digital assets.  

The Russian regulator proposed integrating digital asset trading into the infrastructure of the traditional stock market. The report recommends that regulations governing access to the market for digital assets should be aligned with those governing traditional securities markets so that unqualified investors can access both within a cap of 100,000 rubles ($1,640) per year or more if they pass a financial literacy test. 

The report also recommends developing a legal framework for tokenizing securities, debt, precious metals, and stones, as well as issuing non-fungible tokens (NFTs) that certify property rights and developing more specific rules addressing the taxation of digital securities and utility tokens.  

A framework for permitting digital assets issued outside the Russian market is also considered essential by the regulator, but only for those that comply with the quality requirements.

 

If you would like to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, and Instagram.

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Favour Udeo

Favour is a writer, who is interested in blockchain, DeFi, and Web3 in general. She finds machine learning and emerging technologies interesting.

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