Financial & Business Association
of Euro-Asian Cooperation
Business session «Digital assets in action: first results, challenges and prospects» on May 12
On May 12, 2023 on the sidelines of the XI St. Petersburg International Legal Forum business session «Digital assets in action: first results, challenges and prospects» was held under the aegis of the RSPP. Representatives of the banking community, experts and leading lawyers on the legal regulation of digital assets took part in the discussion.
During the opening of the event Chairman of the FBA EAC Executive Board and Vice-president of the RSPP Alexander Murychev noted noted that in order to ensure the effective functioning of the digital economy and full-fledged implementation of digital projects by Russian business, large-scale regulatory work had been done to remove legislative barriers and create a favorable tax regime for the release and turnover of digital financial assets. This work on the basis of the RSPP Coordinating Council on Digitalization together with other working bodies of the RSPP has been carried out for five years.
«Among the most important regulatory decisions for Russian business, we note that the key proposals of the RSPP experts were taken into account as part of the preparation and harmonization of the taxation of transactions with digital financial assets (a special taxation procedure for transactions with digital financial assets (DFA) and hybrid digital rights was established), which enabled Russian business to proceed to the practical implementation of digital projects and the launch of the DFA market in Russia as a whole. RSPP experts' proposals on the use of nominal accounts of the information system operator for the settlement of transactions performed using the digital platform have also been taken into account. In addition, the RSPP platform notes the prospects for the use of DFA in international settlements, including the possibility of issuing DFA linked to the value, a basket of stable real assets (commodity stable coin), which in the current economic conditions is important, given the sanctions in the financial market, which will tighten. And business is extremely interested in making these projects successful», emphasized Alexander Murychev.
Summarizing the results of the RSPP business session, Alexander Murychev, Chairman of the FBA EAC Executive Board, Vice President of RSPP, noted the need to continue the regular dialogue between business and relevant agencies on topical issues of the DFA market development. In particular, it is advisable to develop a common business stance on the integration of traditional financial market participants into the DFA market system, to develop and agree on uniform DFA accounting rules, as well as to study the possibility of issuing DFAs in currencies of friendly countries.
During the opening of the event Chairman of the FBA EAC Executive Board and Vice-president of the RSPP Alexander Murychev noted noted that in order to ensure the effective functioning of the digital economy and full-fledged implementation of digital projects by Russian business, large-scale regulatory work had been done to remove legislative barriers and create a favorable tax regime for the release and turnover of digital financial assets. This work on the basis of the RSPP Coordinating Council on Digitalization together with other working bodies of the RSPP has been carried out for five years.
«Among the most important regulatory decisions for Russian business, we note that the key proposals of the RSPP experts were taken into account as part of the preparation and harmonization of the taxation of transactions with digital financial assets (a special taxation procedure for transactions with digital financial assets (DFA) and hybrid digital rights was established), which enabled Russian business to proceed to the practical implementation of digital projects and the launch of the DFA market in Russia as a whole. RSPP experts' proposals on the use of nominal accounts of the information system operator for the settlement of transactions performed using the digital platform have also been taken into account. In addition, the RSPP platform notes the prospects for the use of DFA in international settlements, including the possibility of issuing DFA linked to the value, a basket of stable real assets (commodity stable coin), which in the current economic conditions is important, given the sanctions in the financial market, which will tighten. And business is extremely interested in making these projects successful», emphasized Alexander Murychev.
Summarizing the results of the RSPP business session, Alexander Murychev, Chairman of the FBA EAC Executive Board, Vice President of RSPP, noted the need to continue the regular dialogue between business and relevant agencies on topical issues of the DFA market development. In particular, it is advisable to develop a common business stance on the integration of traditional financial market participants into the DFA market system, to develop and agree on uniform DFA accounting rules, as well as to study the possibility of issuing DFAs in currencies of friendly countries.