Russia needs to introduce infrastructure for digital financial assets as soon as possible, and business is ready for it
Considering that it’s been almost a year since the adoption of the law on digital financial assets (DFA) and half a year since its entry into force, we think that things need to be sped along. It’s already important now not to waste time and complete registration procedures in order to launch this circulation of digital financial assets based on the platforms that are being created in the Russian industry. The need to complete this stage as soon as possible can be seen in the results of a survey that we just conducted in April of this year on the prospects for the circulation of digital rights. 91% [of the respondents] don’t currently participate in the digital asset circulation system, but 30% plan to act as an issuer and 42% as buyers. These numbers are already quite tangible — Alexander Shokhin, President, Russian Union of Industrialists and Entrepreneurs (RSPP).
In my opinion, the law is quite workable. Our contacts with Norilsk Nickel, Transmashholding, and Sberbank indicate that they can apply the law in order to issue the relevant financial assets — Anatoly Aksakov, Chairman of the Committee on Financial Markets of the State Duma of the Federal Assembly of the Russian Federation.
Monitoring the product supply chain is becoming a very important issue in connection with ESG and ever-increasing environmental requirements. For example, now the European Union is about to introduce an electronic passport on batteries for electric vehicles. And, as a nickel producer, we are interested in our nickel being bought and supplied to car manufacturers who want it to meet these standards. Even just a smart contract, or a token, as we call it, allows us to record [information] in a batch of nickel [about] where it was mined, how it was delivered, and how environmental standards were observed there. At each stage of its implementation, it’s possible to trace that this is exactly the nickel [in question], right up to the moment when the battery in which it is contained is sent off for disposal — Sergey Batekhin, Chief Executive Officer, Head of the Management Board, Interros.