Russia’s largest exchanges are ready to begin operating in cryptocurrencies shortly after authorities legalized cross-border payments in crypto, according to key members of the Russian parliament. Equity and commodities trading platforms in Moscow and St. Petersburg are working to develop this market, the high-ranking official added.
Russia’s Top Exchanges Await Moscow Green Light on Cryptocurrency Payments
Russia’s top exchanges are ready to start trading with cryptocurrencies as soon as government agencies have the legal conditions for crypto payments in place, the head of the Financial Markets Committee of the State Duma, the lower house of parliament, announced.
The Moscow Exchange, the St. Petersburg Exchange, and the St. Petersburg International Commodities Exchange are actively working on market development and are ready to get involved in the process soon because the infrastructure already exists, Anatoly Aksakov, the official newspaper of the State Duma Parlamentskaya Gazeta in ainterview.
Also quoted by crypto news outlets Bits.media and RBC Crypto, the Russian deputy noted that a bill designed to regulate the issue is currently being discussed. The necessary legislation could be adopted as early as November, the deputies noted.
Russia has turned to cryptocurrencies as a way to circumvent financial regulations imposed by Western countries in response to the military invasion of Ukraine. The Russian government now sees cryptocurrencies as an uninterrupted tool for cross-border payments.
In mid-September, Prime Minister Mikhail Mishtin ordered the Ministry of Finance and the Central Bank of Russia to work out by December a joint position on the federal legislation needed to regulate the issuance and circulation of digital coins, including their use in mining and international payments.
News broke last week that the two regulators have already reached a broad agreement on legislation allowing the adoption of cryptocurrencies in foreign trade transactions. In addition, Russian media reports revealed that Moscow’s financial authorities have already developed a mechanism to facilitate such crypto payments.
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