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Russia can establish a dedicated exchange to conduct cryptocurrency transactions locally, a senior member of the State Duma has suggested. The new platform could be hosted by the Moscow Stock Exchange, according to Anatoly Aksakov, chair of the parliamentary finance market committee.
A crypto-trading platform can be established on the Moscow Stock Exchange (MOEX), according to a statement by Anatoly Aksakov, who heads the Financial Markets Committee of the State Duma, the lower house of the Russian parliament.
The legislature, which has been involved in the ongoing work to adopt a comprehensive set of cryptocurrencies, believes that a Russian digital asset exchange will be in the best position to process cryptocurrencies in the country.
MOEX is the largest Russian stock exchange, which simplifies trading in shares, bonds, derivatives, precious metals and operates Russia’s foreign exchange market, central securities depository and the country’s largest provider of clearing services.
The stock exchange suspended trading after the Russian invasion of Ukraine on 24 February. It also became a target for Western sanctions imposed on Russia due to military conflict. MOEX opened almost a month later, on March 21, but only for government bonds.
“Of course it should be a crypto exchange, created in accordance with the strict requirements of the central bank. I guess this will be a branch of the Moscow Stock Exchange,” Aksakov told the news agency Prime during a press conference.
He elaborated that this will ensure that the Russian crypto-trading platform will operate “within the framework of a respected organization with great traditions”, which is used to actively cooperating with the Central Bank of Russia, so that it “best of all can cope with the task” of conducting operations with cryptocurrency. “
Russian government institutions have been working on new legislation to expand the rules of the country’s crypto market, and most of them oppose a proposal by the Bank of Russia for a comprehensive ban on crypto-related activities, including trade.
Legislators are expected to review and adopt a new bill “On Digital Currency” this fall, which will regulate cryptocurrency operations. In a recent interview, Aksakov indicated that this is likely to be a “tough” law, despite the fact that Moscow’s monetary authority is softening its stance on certain aspects, including cryptocurrencies as a tool for international settlement.
Do you think Russia will establish a crypto-trading platform under the Moscow Stock Exchange? Share your expectations in the comments section below.
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