The Russian Ministry of Finance has proposed allowing established stock exchanges like the Moscow Exchange to offer crypto trading services to a limited group of qualified investors. This move comes as Russia considers permitting its central bank to launch an experimental cryptocurrency platform for international settlements.
Interfax’s report says that the Ministry’s proposal will allow crypto trading on registered exchanges only to “particularly qualified” investors. This plan is a draft government response to two parliamentary bills on crypto mining regulation and experimental digital currency settlements.
The plan aims to realize Prime Minister Mikhail Mishustin’s decree of developing an instrument for cryptocurrency use in international settlements by the end of 2022. A bill that is now in discussion at the State Duma would like the Central Bank to create an experimental platform for crypto use in international transactions that shall start on Sep. 1, 2024.
The Finance Ministry suggests that digital currency settlements for foreign trade could implement within general regulations rather than special rules. This approach would require recognizing digital currencies as currency values. Additionally, the ministry proposes an experimental phase allowing exchanges to trade digital currencies as commodities for a select group of investors.
Licensed Russian companies ready for crypto transactions
At the moment, seven Russian companies hold exchange and trading system licenses. Namely the Moscow Exchange, St. Petersburg Exchange, and SPIMEX. As per the chairman Anatoly Aksakov, the main Russian stock exchanges are ready to process crypto transactions as soon as legal regulations are in place.
Since 2022, the Ministry of Finance has been the main advocate of comprehensive digital currency regulations. They even drafted a bill that could be used for the development of crypto exchanges in Russia. However, the current mode of operation is based on the experimental approach based on international transactions.
The suggested amendments to the law symbolize the potential shift in Russia’s crypto policy. This is by indirectly opening the arrangement of digital asset trading and international settlements within a controlled environment.
