Russia starts work on blockchain standards - FinanceFeeds

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

Industry News

BlackRock opens up to Bitcoin investment

The two eligible funds are no lightweights and they contain more than $40.0 billion of assets between them

Industry News

Citi launches a new suite of futures trading algos

Implementation shortfall algorithms are designed to keep or reduce that cost differential (slippage) to a minimum

Inside View

FX brokers are beginning to not just talk about becoming their own ECN or exchange, they are doing it!

FX brokers who do capitalize on the importance of offering a full range of venue-listed products via genuine live market liquidity will be left behind. The b-book OTC world has limited future, and the companies at the top are already working on its replacement. Here is our full analysis

Industry News

China spent a year purging itself of global FX brokers. Now it is about to unleash its own monster

Saxo Bank and eToro knew what they were doing when they sold out to Chinese firms. We look at how the government purged the FX businesses for its own greed and own ends. Now may be the time to consider how to structure a Chinese FX company.

Industry News

The journey towards a consolidated European tape

The chair of ESMA, Steven Maijoor, has bemoaned the lack of such resources., famously saying in the past that: “After nearly 2 years of operating under MiFID II, we’re still lacking a reliable view of liquidity across the EU”

Industry News

Fund managers push back over the FCA clampdown on cryptocurrencies

Assets under management in these types of investments have risen 5 fold over the last 12 months to stand at around €2.30 billion today

Industry News

IG Group impresses with bumper interim figures and plans for a tastytrade in the USA

Not only did turnover increase substantially at IG Group, profitability did as well, and the business made £231.30 million in the first 6 months of the financial year

Industry News

Genesis launches FX Prime Trade Capture application in partnership with Brazilian broker-dealer XP Investimentos

FX Prime also acts as a productivity tool that captures FX & Rates voice business and streams trade activity directly into the Prime Broker while simultaneously serving as placeholder for books and records.

Inside View

Want to get your electronic brokerage business right in Australia? This is how

Now is the time to take heed of the brokers that are doing things the right way in Australia. Here is a full and open discussion with a company that is leading the way.