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The largest stock exchanges in Russia are ready to start operating with cryptocurrencies soon after the authorities legalize cross-border crypto settlements, according to a leading member of the Russian parliament. The stock and commodity trading platforms in Moscow and St. Petersburg are working to develop this market, the senior official added.
Major Russian exchanges are prepared to start working with cryptocurrencies as soon as state institutions create the legal conditions for crypto settlements, the head of the Financial Markets Committee of the State Duma, the lower house of the parliament, has announced.
Moscow Exchange, St. Petersburg Exchange and St. Petersburg International Commodity Exchange are actively working to develop the market and are ready to immediately get involved in the process, since the infrastructure is already there, Anatoly Aksakov said in an interview with Parlamentskaya Gazeta, the official newspaper to the Federal Assembly.
Also quoted by crypto news outlets Bits.media and RBC Crypto, the Russian deputy pointed out that legislation designed to regulate the matter is currently being discussed. The necessary bills can be passed as early as November, the legislator said.
Russia turned its attention to cryptocurrencies as a way to circumvent economic restrictions imposed by the West over its military invasion of Ukraine. The Russian government now sees them as a tool that can ensure uninterrupted cross-border payments.
In mid-September, Prime Minister Mikhail Mishustin ordered the Ministry of Finance and the Central Bank of Russia to prepare a joint position by December on the federal legislation necessary to regulate the issuance and circulation of digital coins, including mining and use in international settlements. .
Last week, news broke that the two regulators have already reached a general agreement on a bill authorizing the use of cryptocurrency in foreign trade agreements. Russian media also reports that financial authorities in Moscow are already developing a mechanism to facilitate such crypto payments.
Do you expect Russia to quickly pass laws allowing the use of cryptocurrencies in cross-border settlements? Share your thoughts on the topic in the comments section below.
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