The government has already approved the document, and ministries have commenced its implementation.
The initiative aims to “introduce and develop digital innovations, including the active use of distributed ledgers.”
“Digital technologies will enhance the investment appeal of assets, increase their liquidity by reducing costs and lowering entry barriers for small private investors, and improve the quality of secured credit portfolios of financial organizations,” noted the Ministry of Finance.
The initial stage of tokenization will cover the following areas:
The ministry believes that implementing the concept will create a modern and competitive environment for tokenization, fostering the diversification of investment instruments.
Additionally, the Ministry of Finance anticipates the emergence of new asset classes and increased liquidity of existing products.
“[…] blockchain will replace financial intermediaries, reduce transaction costs. The application of the technology will automate the execution of orders and investment decisions, reducing the need for human involvement and the likelihood of operational errors,” the department concluded.
Earlier, on February 10, the Russian State Duma passed a law in its third reading, establishing the procedure for the arrest and seizure of digital currencies in criminal proceedings. For these purposes, cryptocurrency is recognized as property.
