Russia’s Ministry of Finance has recently put forward a proposal that would allow traditional exchanges to facilitate digital asset trading for a specific group of investors. This proposal, outlined in response to two pieces of regulation, suggests the creation of special regulations for organized trading in digital currency as a commodity. However, the government’s draft response only mentions granting this license to a limited number of “particularly qualified” investors, without providing specific qualification criteria.
According to reports, the Russian Central Bank’s register of exchange and trading system licenses already includes seven companies that could potentially be involved in digital asset trading. These companies include well-known entities such as Moscow Exchange, St. Petersburg Exchange, and St. Petersburg International Mercantile Exchange (SPIMEX). Anatoly Aksakov, Chairman of the State Duma Committee on Financial Markets, has expressed confidence that these major exchanges are capable of supporting cryptocurrency transactions and could integrate them into their operations under the right legal framework.
In addition to the proposal regarding digital asset trading, the government’s response also touches upon crypto mining regulation and the possibility of settling crypto transactions in an experimental legal setting. The latest draft response emphasizes the importance of recognizing digital currencies as a legitimate form of payment and enabling foreign exchange transactions using digital assets. Prime Minister Mikhail Mishustin has instructed various government entities to work towards establishing an international crypto payment mechanism by 2022, which may involve the central bank developing an experimental crypto settlement platform by September.
Legalizing Stablecoins and CBDCs in Russia
Aside from regulating digital asset trading, Russia is also exploring the potential legalization of stablecoins for international payments. Moreover, there are plans to advance the adoption of central bank digital currencies (CBDCs) in the country’s financial system. These initiatives signal a growing acceptance of digital assets and innovative payment solutions within the Russian regulatory landscape.
Russia’s evolving approach to digital asset trading and cryptocurrency regulation reflects a broader trend of acceptance and integration of blockchain technology in traditional financial markets. As the government continues to refine its policies and explore new opportunities for digital asset use, the future of crypto trading in Russia appears promising.
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