There are 11 information system operators

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Deputy Chief of Staff of the Presidential Executive Office of the Russian Federation Maxim Oreshkin is convinced that digital financial instruments will change the global financial system and that, in general, the global financial system based on international banks is outdated: "Within 10-15 years, this system should change radically. The margin that global banks take from the global economy is an unacceptable percentage for it. Radical changes will occur due to new digital technologies. At the same time, within the country, both digital financial instruments and the digital ruble are instruments that will open up the possibility of a more efficient economy in our country. Therefore, the global and local history of the use of digital financial instruments and other digital instruments that increase efficiency and reduce costs is our priority."

in Russia that issue digital indonesia telegram financial assets. Currently, the Central Bank register contains 11 information system operators for the issue of digital financial assets: Sberbank, Alfa-Bank, Promsvyazbank, Eurofinance Mosnarbank, Tinkoff Bank, NSD, Atomyze, Masterchain, the fintech company Lighthouse, St. Petersburg Exchange, and Blockchain Hub (a subsidiary of MTS). The Moscow Exchange and St. Petersburg Exchange have the status of exchange operators.

The executive director of the Russian Association of Cryptocurrency and Blockchain, Alexander Brazhnikov, finds the initiative of the Moscow Exchange valuable and useful, both for the entire crypto community and for market participants who are still cautious about the wide variety of existing digital assets and various tokens.

Commenting on the possibility that some AI tool on the Moscow Exchange will be able to actually manage clients' finances, Alexander Brazhnikov noted that this depends not only on the quality of writing software algorithms, but also on the depth of user involvement in this process: "They will be the ones who will improve it with the dynamics of their actions. This is a person and a machine - interconnected market participants."

According to the founder of the Telegram channel "All about blockchain, brain and Web 3.0" Ani Aslanyan, the initiative of the Moscow Exchange is logical, but it faces a number of challenges: the exchange does not have the IT infrastructure to implement such an initiative. And also with questions: how to convince banks and other market participants to abandon their own platforms, how to ensure liquidity at the start, given that the Russian market has a small amount of liquidity, there is no secondary market, and securities cannot be recorded in depositories; how to attract institutional investors; how to create a working secondary market mechanism.

"It turns out to be a vicious circle: no liquidity means no investor interest - means banks do not want to develop the instrument - means no liquidity. To break it, regulatory incentives, significant investments in infrastructure, coordination of market participants and, possibly, government support will probably be required," says Ani Aslanyan.

According to her, the issuers themselves are not interested in losing control over their client base, and there are no obvious incentives to switch to a single platform.

"The unification of platforms in itself is unlikely to significantly increase the number of DFA buyers, because the problems of the lack of a secondary market, low liquidity, weak interest from institutional investors and resistance from banks to integration due to their unwillingness to share their client base remain. Although technically the creation of a single platform can simplify access to DFA, without solving the fundamental problems of the market this will not lead to a significant increase in the number of participants," concluded Ani Aslanyan.