Russia starts work on blockchain standards

Maria Nikolova

Russia’s Federal Agency on Technical Regulating and Metrology is forming a committee that will develop the standards for the application and safety of DLT and blockchain.

Russia is increasingly seeking to fit blockchain into some framework and while the authorities are still mulling how to adapt the laws to this new technology, the Federal Agency on Technical Regulating and Metrology (also known as Rosstandart) has made some steps towards establishing standards for distributed ledger technologies (DLT) and blockchain.

According to an announcement on the Agency’s website published on Tuesday, the body is establishing a new tech committee on the standardization of DLT and blockchain.

Those willing to participate in the new committee may send their applications not later than October 11, 2017, to [email protected]

The committee will deal with issues such as the architecture standards, areas of application and requirements for the software based on DLT and blockchain. Issues of security and confidentiality will also be on the agenda of the new committee.

Interestingly, Russia refrained from joining an international tech committee on blockchain when it was created in 2016. We are curious to see whether Russia’s new body dealing with blockchain standards will form any links with similar international organizations.

The Russian authorities are increasingly exploring blockchain and its possible applications in various economic areas. The ranks of defendants of blockchain in Russia have recently seen the addition of Russia’s prime minister Dmitry Medvedev. The Ministry of Telecom and Mass Communications expects the legal provisions for the legalization of the DLT technologies like blockchain to be in place in 2019.

There are sceptic views too. In June this year, following a meeting of several of its internal commissions, Russia’s Security Council said that blockchain, regardless of its numerous advantages, leaves open many questions regarding information security. That is why, the Council recommended that before this technology is used in the financial sector, the questions regarding the information security provided by blockchain systems be studied by regulators and businesses.

Read this next

Retail FX

eToro valuation halved as SPAC merger deadline expires

The deadline for the completion of the SPAC merger of eToro had passed yesterday, June 30, and the Israeli broker apparently canceled the deal with Betsy Cohen-backed blank-check firm.

Institutional FX

FXSpotStream reports second best figure for monthly volumes

Trading volumes on institutional FX platforms surged in June after fears over the impact of Russia’s military invasion of Ukraine sent speculative asset classes reeling.

Retail FX

Vantage expands MT5 offering with access to new stocks

ASIC-regulated foreign exchange brokerage Vantage has expanded its service offering and trading products by incorporating new markets, namely 14 exchange-based stocks on MetaTrader 5.

Digital Assets

CFTC charges $1.7 billion Bitcoin scam, largest to date

Mirror Trading accepted at least 29,421 Bitcoin from approximately 23,000 investors from the United States and even more throughout the world.

Retail FX

Spotware Systems upgrades cTrader Desktop to version 4.3

Spotware Systems, a technology provider for the electronic trading industry, has launched an updated version of its cTrader Desktop, which adds new functionality to join a roster of advanced trading capabilities.

Digital Assets

OKX launches Block Trading for tighter pricing

With Block Trading, users can integrate spot and derivatives trades on the same platform and trade multiple currencies in a single trade. The service supports trading of perpetual swap, futures, and option contracts with popular altcoins as the underlying.

Industry News

Interactive Brokers pays $1 million to settle with CFTC

Interactive Brokers overcharged its customers a total of $710,828.14.

Metaverse Gaming NFT

DappRadar launches cross-chain token staking

The launch of the cross-chain token staking mechanism by DappRadar comes under a partnership with LayerZero protocol, which enables smart contracts to communicate across different chains.

Digital Assets

Polkadot releases one-stop marketplace for Substrate pallets

Proof-of-stake blockchain Polkadot has achieved a significant feat in its development, as it rolls out Substrate Marketplace, a one-stop shop for exploring the many Substrate pallets currently available.

<