Russia may establish a dedicated exchange to run cryptocurrency trading locally, a high-ranking member of the State Duma has suggested. According to Anatoly Aksakov, head of the parliament’s Financial Markets Committee, the new platform could be hosted by the Moscow Exchange.
Russian authorities are considering the creation of a domestic cryptocurrency exchange
A crypto trading platform could be established on the Moscow Exchange (MOEX), according to a statement by Anatoly Aksakov, chairman of the Financial Markets Committee of the State Duma, the lower house of the Russian parliament.
The lawmaker, who is involved in ongoing efforts to adopt a comprehensive regulatory framework for cryptocurrencies, believes that a Russian digital asset exchange would be best positioned to handle domestic crypto transactions.
MOEXis Russia’s largest exchange, facilitating trading in equities, bonds, derivatives, and precious metals, and operates Russia’s foreign exchange market, central securities depository, and the country’s largest clearing services provider.
Following Russia’s invasion of Ukraine on February 24, the exchange suspended trading. It was also subject to Western sanctions imposed on Russia because of the military conflict; MOEX opened almost a month later, on March 21, but only for government bonds.
“Of course, there should be an encrypted 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 saying at 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 a great tradition” and that it is accustomed to actively interacting with the Russian central bank, which “best copes with all of the tasks of performing operations with cryptocurrencies enable us to do so.”
Russian agencies are working on new laws to expand rules for the country’s crypto market, most of which oppose the Bank of Russia’s proposal to broadly ban crypto-related activities, including trading.
Lawmakers are expected to consider and adopt a new bill “On Digital Currency” this fall that should regulate cryptocurrency operations. In a recent interview, Aksakov noted that this could be a “tough” law, despite Moscow’s monetary authorities softening their stance on certain aspects, including crypto payments as a tool for international payments.
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