Russia may establish a dedicated exchange to carry our cryptocurrency transactions locally, a high-ranking member of the State Duma has suggested. The new platform can be hosted by the Moscow Exchange, as per Anatoly Aksakov, head of the parliamentary financial market committee.
Russian authorities mull creating Domestic Cryptocurrency exchange.
A crypto trading platform may be established at the Moscow Exchange (MOEX), according to a statement by Anatoly Aksakov, who chairs the Financial Market Committee at the State Duma, the lower house of the Russian parliament.
The lawmaker, who has been involved in the ongoing efforts to adopt a comprehensive regulatory framework for cryptocurrencies, believes that a Russian digital asset exchange will be in the best position to process crypto transactions in the country.
MOEX is the largest Russian exchange, which helps to facilitate the trading of bonds, equities, derivatives, and precious metals and operates the Russia FOREX market, central securities depository and the country’s largest clearing service provider.
The exchange suspended trading following the Russian invasion of Ukraine on the 24th of February. It also became a target of western sanctions imposed on Russia over the military conflict. MOEX opened almost a month later, on the 21st of March, but only for state bonds.
Akaskov was quoted by the prime news agency as stating during a press conference that “Of course, there should be a crypto exchange, created according to the strict requirements of the central bank. I assume that this will be a division of the Moscow Exchange.”
He elaborated that this will make sure 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, which allows 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, which includes 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 also indicated that this is likely to be a tough law, despite the monetary authority in Moscow softening its stance on various aspects, which includes crypto payments, as a tool for international settlements.
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