The Moscow Stock Exchange should launch a crypto-trading platform, says top Russian politicians
The chief architect of Russia’s crypto legislation has claimed that Moscow Stock Exchange (MOEX) should develop a crypto-trading arm – albeit one that operates under the strict responsibility of the country Central Bank.
According to the Interfax news agency, Anatoly Aksakov, chair of the State Duma’s Financial Markets Committee, told a news conference on Thursday, July 7, that a cryptocurrency exchange should be established as a branch of the Moscow Stock Exchange, explaining:
“This division will operate under the umbrella of a respected organization that has great traditions [the Moscow Exchange]. The [MOEX] is used to actively interacting with the central bank. And it would be better for anyone who can handle the task of performing operations involving cryptocurrency. “
The central bank may well refuse such proposals. As previously reported, the bank is completely against crypto-adoption and has long advocated a total ban. In recent months, it has softened its stance, but the idea that it would sanction the creation of a crypto exchange on MOEX may seem far-fetched to some.
However, the performance can have its benefits too Ministry of Finance, which wants to legalize crypto trading, but link all Russian crypto operations to the domestic banking system. Forcing all crypto users to use a highly regulated, centrally controlled platform under the supervision of MOEX may well help the ministry to better monitor the crypto-related activities of Russian citizens.
The platform can also have its uses in the trading world. The same ministry has previously stated that it is happy for Russian companies in the private sector to use cryptocurrencies in “swap contracts” with international partners. These companies can then, in theory, exchange all the tokens they receive from foreign buyers for fiat on MOEX’s platform.
Meanwhile, Aksakov has admitted that the ministry’s long – awaited bill, which proposes legalization of the crypto trade and the crypto mining sector, will not be read in parliament until the autumn.
Aksakov had previously claimed that the bill would be heard in the Duma before the end of the spring session, which ends later this month. Instead, he stated that a revised bill was “expected” in time for the next session, which begins in late August.
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