A highly placed member of the State Duma has suggested that Russia may set up a dedicated exchange to conduct cryptocurrency transactions locally. According to Anatoly Aksakov, the head of the Parliamentary Financial Markets Committee, the new forum may be hosted by the Moscow Exchange.
Russian authorities considering creating domestic cryptocurrency exchange
According to a statement by Anatoly Aksakov, who chairs the Financial Markets Committee in the State Duma, the lower house of the Russian Parliament, a crypto trading platform may be set up at the Moscow Exchange (MOEX).
Lawmakers involved in ongoing efforts to adopt a comprehensive regulatory framework for cryptocurrency believe that a Russian digital asset exchange would be in the best position to process crypto transactions in the country.
MOEX is the largest Russian exchange, which facilitates trading of equities, bonds, derivatives, precious metals and operates Russia’s foreign exchange market, the central securities depository and the country’s largest clearing service provider.
The exchange suspended trading following the Russian invasion of Ukraine on 24 February. It also became a target of Western sanctions imposed on Russia over military conflict. MOEX opened almost a month later, on March 21, but only for state bonds.
“Of course, there has to be a crypto exchange built according to the strict requirements of the central bank. I think it will be a division of the Moscow Exchange,” Aksakov was quoted by Prime News Agency during a press conference.
He elaborated that this would ensure that the Russian crypto trading platform would operate “within the framework of a respected organization with great traditions”, which is accustomed to actively interacting with the Central Bank of Russia, making it “the best”. allows us to cope with the task. to operate with cryptocurrency.”
Russian government institutions are working on new laws to expand regulations on the country’s crypto market, most of which have opposed the Bank of Russia’s proposal to impose broad restrictions on crypto-related activities, including trading. Is.
Lawmakers are expected to review and adopt a new bill “on digital currency” this fall that should regulate cryptocurrency operations. In a recent interview, Aksakov indicated that this is likely to be a “tougher” law, although the monetary authority in Moscow is softening its stance on some aspects, including crypto payments as a tool for international settlement. is included.
Do you think Russia will set up a crypto trading platform under Moscow Exchange? Share your expectations in the comment section below.
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