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Draft law on digital marketplaces will be introduced to the State Duma by the end of this month

The draft law “On electronic platform regulation” will be introduced to the Russian State Duma by the end of this month, as reported by the Head of the State Duma’s Committee for Financial Market Anatoly Aksakov.

“Serious legislative work has been done. The draft law “On electronic platform regulation” was drafted jointly with the Central Bank. It aims to regulate e-marketplace activities,” – Aksakov noted.

Marketplace is a system which integrates numerous trading platforms, financial products and services data-collecting displays, and trading bots into a unified network with a purpose client targeting enhancement.

According to Aksakov, he has already circulated the draft law to all institutions, including the Federal Financial Monitoring Service of the Russian Federation (Rosfinmonitoring) and the Ministry of Digital Development, Communications and Mass Media (Mincomsvyazi), so that they could examine the document and express their views on the matter. The official hopes that the draft law will be introduced to the Russian parliament by the end of this month.

Last year, the First Deputy Governor at Central Bank of the Russian Federation (Bank of Russia) voiced the regulator’s proposal to create a nationwide transaction recording system in the form of a marketplace, where various market players could offer their services with the use of a unified client database. The Bank of Russia believes that such a platform would help citizens assert their rights in court in cases of dispute. In the first phase of the national marketplace’s operation, individuals will reportedly be able to make deposits and buy bonds.

Concurrently, the Russian Government has been preparing a draft law aimed at reducing the economic dependence on the U.S. currency and strengthening ruble on the international scene.

Back in July, Aksakov said that the adoption of the draft laws on crowdfunding and digital financial assets was scheduled for the autumn parliamentary session.