According to local media reports, Russia’s Moscow Stock Exchange (MOEX) is drafting a bill aimed at making digital assets available for trading on the stock exchange as securities and directly as digital financial assets.

The bill states that digital assets will enter the financial market in two ways, one is digital financial assets (DFA) and the other is DFA-based securities transactions.

The Moscow Stock Exchange is drafting the bill on behalf of the Russian Central Bank, which is currently under review by the Russian Central Bank.

Sergei Shvetsov, Chairman of the MOEX Supervisory Board, said at the 21st Century Financial Forum that:

“We want the market to make its own choice, blockchain accounting or depositary accounting, and if the law is passed, Russian depositories will be able to accumulate digital financial assets in their accounts on the blockchain, as soon as the client needs the underlying asset, they will redeem the receipt to their blockchain account and receive the asset.”

The current economic landscape in Russia is forcing both the Central Bank and the Ministry of Finance to rethink their approaches to cryptocurrencies.

The Central Bank of Russia and the Ministry of Finance have reached an agreement to stop disrupting the use of cryptocurrencies for cross-border payments.

In September, Russia worked with several countries to set up clearing platforms for cross-border stablecoin settlements, Deputy Finance Minister Alexei Moiseev said on Tuesday, according to the state-backed TASS news agency.

The landmark agreement also aims to allow the use of cryptocurrencies for import and export payments.

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