Chorus of support for DLT grows, as Russian PM urges legalization of blockchain

Maria Nikolova

The statement by Dmitry Medvedev is in tune with plans unveiled by Russia’s Ministry of Telecom and Mass Communications.

Russia’s Prime Minister Dmitry Medvedev has underlined his role of a blockchain adoption advocate by urging the legalization of blockchain.

Speaking at the VII St. Petersburg International Legal Forum, Mr Medvedev said that the main moments of regulating blockchain and related distributed ledger technologies (DLT) should be clear by the time blockchain enters in various areas of life. He admitted, however, that blockchain is in its essence an autonomous system.

Russia’s Prime Minister has earlier this year instructed the Ministry of Telecom and Mass Communications and the Ministry of Economic Development to explore the possible applications of blockchain technology in a number of economic areas. The statement made this week highlights the serious intentions of Russian authorities to somehow fit blockchain technologies into Russia’s legal framework.

Mr Medvedev is not the single authoritative figure to support the legal recognition of blockchain and finding the right approach for regulating DLT. Earlier this month, Russia’s Ministry of Telecom and Mass Communications set 2019 as the deadline for the adoption of the laws and legal amendments necessary for the legalization of blockchain.

Even Russia’s central bank is looking to explore the potential of DLT when it comes to financial services and a special working group has been set up by the “Megaregulator” to study this matter.

Russia’s businesses have been keen to adopt blockchain technologies. Earlier in 2017, Russian media reported that payments services provider Qiwi PLC (NASDAQ:QIWI) had established a subsidiary called Qiwi Blockchain Technologies (QBT). Qiwi is now pushing further into this fintech area via the acquisition of InspiRussia, a Tatarstan-based business that develops blockchain-based solutions.

The situation around the legal status of bitcoin and other crypto currencies in Russia remains uncertain. In April this year, Maxim Grigoriev, Chief of the Centre for Financial Technologies at the Bank of Russia, said it was too early to talk of legalizing crypto-currencies in Russia and added that their status is still a subject of discussion for the Bank of Russia, the Ministry of Finance and the Federal Financial Monitoring Service (Rosfinmonitoring).

Read this next

Digital Assets

Ankr successfully patches hack, will reimburse victims and take actions to prevent further attacks

DeFi protocol Ankr plans to reimburse its affected users after a hacker managed to exploit a bug in its code that allowed for unlimited minting of its liquid staking token.

Industry News

ASIC cancels/suspends AFS license of AFSL Group and Quantum Funds Management

ASIC canceled the AFS license of AFSL Group because it failed to lodge statements and audit reports and it did not maintain AFCA membership. The Australian regulator suspended Quantum because it does not have the required professional indemnity insurance coverage.

Executive Moves

BidX Markets hires Shaun French as Research Analyst – Multi Asset

“We believe with his background in the Financial Markets and being based in Dubai, he will be able to provide our clients with access to outstanding research, while also being in a great location to help support our international clients base which is growing at a rapid pace’’.

Institutional FX

Nasdaq migrates US options exchange to AWS with +10% performance in round-trip latency

Nasdaq has announced the successful migration of the core trading system of Nasdaq MRX – one of its six U.S. options exchanges – to Amazon Web Services (AWS).

Institutional FX

TraditionData launches oil swaps pricing data at a critical time in OTC oil traded markets

TraditionDATA has announced the release of a new proprietary Oil Swap Model (OSM) which brings further visibility into illiquid and opaque oil markets.

Technology

TNS connects to Tel Aviv Stock Exchange (TASE) as market data vendor

“This latest exchange connection allows TNS to provide access to approved recipients, including exchange members and market data vendors. This project includes market data for TASE’s equities and increases the number of market data feeds we now offer globally.”

Executive Moves

Cowen Digital taps ex-Blockchain.com Taylor S. Cable to lead Europe and Asia operation

“Cowen Digital is a pioneer in delivering institutional grade access to the digital asset ecosystem and I am very excited to join the team at this pivotal time to grow our presence in Europe and Asia.”

Industry News

ASIC sues American Express Australia for lack of TMD on credit cards

“ASIC has now taken multiple actions under the design and distribution regime, including issuing over 20 interim stop orders. This regime turned a new page in the regulation of financial products in Australia and is intended to deliver better outcomes for consumers. It is a priority for ASIC to maximize these increased protections and see the long-term benefits of the DDO regime realized.”

Institutional FX

Eurex reports mixed volumes for November 2022

Deutsche Börse’s derivatives-focused exchange, Eurex today said its total traded derivatives contracts grew by 10 percent in November, from 68.6 million to 75.3 million compared to the same month last year.

<