The Moscow Exchange is a good base for crypto trading, says Russian legislator
Russia continues to send mixed messages about the legal status of cryptocurrencies, with a parliamentary official calling for the launch of cryptocurrency trading on the country’s largest stock exchange.
The Moscow Exchange (MOEX) is the best match to host a regulated cryptocurrency exchange in Russia, according to Anatoly Aksakov, head of the Russian Banking Association and a finance committee in the State Duma.
At a recent press conference, Aksakov stressed the importance of building a cryptocurrency exchange under the strict requirements of the Russian central bank, the local news agency Prime reported on Thursday.
The legislature pointed out that MOEX is likely to do a good job of launching a crypto-trading department due to its full compliance with the rules of the Bank of Russia.
“This department – which will function as part of a respected organization with great traditions and very engaged in active cooperation with the central bank – will do an excellent job with the task of dealing with cryptocurrency operations,” Aksakov noted.
Aksakov’s remarks came shortly after MOEX said last week that it was planning a legal challenge to EU sanctions against the National Settlement Depository and would seek to protect the interests of Russian investors. The stock exchange was targeted as part of international sanctions against Russia in 2022 and had to suspend all operations for one month.
Global exchanges are popular destinations for digital asset-related products. Canada’s Toronto Stock Exchange is known for listing the world’s first Bitcoin (BTC) exchange traded fund in 2021. Some European stock market operators such as Deutsche Boerse have launched dedicated digital asset classes that feature a range of crypto investment products.
The latest report adds some confusion to Russia’s general attitude towards crypto, although the Bank of Russia has been strongly opposed to opening a locally regulated crypto trading platform.
“Cryptocurrencies should not be traded on organized marketplaces because these assets are too volatile, too risky for potential investors,” said Bank of Russia CEO Elvira Nabiullina last month. A deputy governor of the bank also stated last year that Russia will only allow crypto trading via foreign trading platforms such as Binance.
Related: Russia seems to be preparing to extract Bitcoin with torch gas
As previously reported, Russians have been actively investing in crypto in recent years despite the fact that local authorities have not legalized a single local crypto trading exchange. All local trading has been facilitated either through foreign crypto companies or unregulated local exchanges.
