The Russian Ministry of Finance has put forth a new proposal to permit cryptocurrency trading for a select group of qualified investors. This trading would occur on licensed exchanges such as the Moscow Exchange and St. Petersburg Exchange. Anatoly Aksakov, head of the State Duma Financial Market Committee, expressed confidence in these exchanges’ readiness to handle cryptocurrency transactions.
According to Interfax, the proposal involves companies from the central bank’s registry of exchanges and trading systems. This registry, maintained by the Bank of Russia, includes seven officially recognized exchanges: Moscow Exchange, St. Petersburg Exchange, St. Petersburg International Mercantile Exchange, St. Petersburg Currency Exchange, Eastern Exchange, National Commodity Exchange, and CTS Exchange.
Aksakov highlighted that these exchanges are already preparing for the development of the market. Dismissing any concerns about potential issues, he stated,
“If only the legal conditions are created for their work, they will immediately join the process,”
Cryptocurrency Integration
This proposal is part of a draft government review from the Ministry of Finance, addressing two parliamentary bills. One focuses on cryptocurrency mining regulation, and the other on digital currency transactions under an experimental legal regime. Prime Minister Mikhail Mishustin has tasked several government bodies, including the Ministry of Finance and the Bank of Russia, with developing a mechanism for using cryptocurrency in international settlements.
The Ministry of Finance suggests establishing special regulations for digital currency trading, recognizing it as a commodity. This would be limited to a group of “specially qualified” investors, though the criteria for such classification are not detailed in the document. Additionally, the proposal includes the possibility of recognizing digital currency as a currency value, allowing for its use in currency transactions and as a means of payment under foreign trade agreements.
Previously, the Ministry of Finance had advocated for the legalization of crypto exchanges in Russia, but consensus with the central bank was not reached, leading to this experimental approach. The State Duma is now considering a bill that would grant the central bank the authority to create an experimental platform for cryptocurrency use in international settlements starting September 1.
This move represents a significant step toward integrating digital currencies into Russia’s financial system, aiming for a comprehensive regulation that could potentially reshape the market.
