According to a top-ranking State Duma member, Russia could establish a local exchange that allows cryptocurrency transactions. Anatoly Ashakov, the head of the financial market committee in the Parliament, suggested that the Moscow Exchange can host this new platform.
Russian Authorities Consider Creating a Domestic Cryptocurrency Exchange
According to Anatoly Ashakov, who is the head of the Financial Market Committee in the State Duma (the lower Russian house), it may become possible for a cryptocurrency trading platform to be created at Moscow Exchange.
According to the lawmaker, who was involved in efforts to establish a complete regulatory framework for crypto, a Russian cryptocurrency exchange is best positioned to facilitate transactions in crypto.
MOEX is the largest Russian exchange, which facilitates trading of equities, bonds, derivatives, precious metals and operates Russia’s forex market, central securities depository and the country’s largest clearing service provider.
Following the Russian invasion and occupation of Ukraine on February 24, 2008, trading at this exchange was suspended. Due to the Russian military conflict, it was made a target by western sanctions. MOEX was opened on March 21st, almost one month after the initial opening. However, it is only open for state bonds.
“Of course, there should be a crypto exchange, created according to the strict requirements of the central bank. I assume this will be a division of the Moscow Exchange,” Aksakov was quoted by Prime news agency as stating during a press conference.
He elaborated that this will ensure the Russian crypto trading platform will operate “within the framework of a respected organization with great traditions,” which is accustomed to actively interacting with the Central Bank of Russia, allowing it to “best of all cope with the task of carrying out operations with cryptocurrency.”
Russian government institutions have been working on new legislation to expand the rules for the country’s crypto market, with most of them opposing a proposal by the Bank of Russia for a wide-ranging ban on crypto-related activities, including trading.
Lawmakers are expected to review and adopt a new bill “On Digital Currency” this fall, which should regulate cryptocurrency operations. In a recent interview, Aksakov indicated this is likely to be a “tough” law, despite the monetary authority in Moscow softening its stance on certain aspects, including crypto payments as a tool for international settlements.
Is Russia likely to establish a crypto trading site under its Moscow Exchange? Please comment below with your thoughts.
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