1077 views
State Duma Committee proposes DFA issue and circulation regulation reform
The working group of the State Duma Committee on the financial market submitted proposals on DFA market regulation to the Ministry of Finance. According to the document, the active position of the Ministry of Finance and the Bank of Russia contributed to the growth of the digital financial assets market to more than 700 billion rubles. However, its further development requires amendments to the laws.
The proposals include clarifying the taxation of debt DFAs, launching a securitization mechanism, and cancelling re-qualification for “qualified investors”. Lawmakers propose to formalize the status of DFAs as debt instruments, which will allow companies to account interest payments on the expenditure side, reducing tax risks.
The authors of the amendments propose the qualified investor status, obtained from brokers for working with information system operators (ISOs) issuing DFAs, to be recognized without its requalification by the operator. Besides, it is proposed to allow ISOs to involve registrars to maintain the register of shares for which DFAs are issued.
The amendments also cover the calculation of the value of insurance companies' assets when investing in DFAs, since their investments currently require a 100% asset valuation reserve.