📣 Russia 🇷🇺: The Central Bank Pledges State Support for Digital Financial Assets (CFA)

📣 Russia 🇷🇺: The Central Bank Pledges State Support for Digital Financial Assets (CFA)

The head of the Financial Market Infrastructure Department at the Central Bank of Russia announced new initiatives designed to protect investors in the realm of digital financial assets (CFAs).

➡️ Protection Measures:

🟣Unqualified investors will be allowed to diversify their investments across various assets.

🟣Simultaneously, the Central Bank aims to shield them from "high-risk instruments."

➡️ Timeline: Implementation is planned for late 2025, after adjustments are made to segregate client assets, similar to stock market practices.

➡️ Current Framework: Under existing legislation, CFAs in Russia are not recognized as payment instruments but as accumulation tools. This means their use incurs additional costs since they are not equivalent to legal tender.

➡️ Technological Developments:

🟣The Central Bank has proposed enabling Russian digital assets to circulate via depository and nominal holder systems in other jurisdictions, including open blockchains.

🟣Trading of foreign CFAs on Russian platforms will also be possible. Next year, additional requirements for international instruments under the regulatory framework will be established.

➡️ Market Outlook: Representatives from VTB estimated that the Russian digital assets market will reach a volume of 1 trillion rubles, compared to the current 450 billion rubles.

#news #Russia #crypto

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