Proposal to Set Up Russian Crypto Exchange Circulated in Moscow – According to a remark made by Anatoly Aksakov, chair of the Financial Market Committee at the State Duma, the lower house of the Russian parliament, a cryptocurrency trading platform may be built at the Moscow Exchange (MOEX).
The lawmaker thinks that a Russian digital asset exchange will be in the greatest position to handle cryptocurrency transactions in the country. The lawmaker has been actively involved in the continuing attempts to develop a thorough regulatory framework for cryptocurrencies.
The largest exchange in Russia is MOEX, which also runs the country’s main clearing service, central securities depository, and allows trading in precious metals, bonds, derivatives, and equities.
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In response to the Russian invasion of Ukraine on February 24, the exchange suspended trading. Additionally, it came under the western sanctions on Russia brought forth by military conflict. On March 21, almost a month later, MOEX opened, although it was only for state bonds.
“Obviously, a cryptocurrency exchange should be established in accordance with the required requirements set forth by the central bank. I anticipate that this will be a division of the Moscow Exchange,” Aksakov said at a press conference, according to Prime news agency.
He went on to say that by doing this, it will be possible for the Russian cryptocurrency trading platform to function “inside the framework of a reputable business with great traditions” and “best of all cope with the duty of carrying out operations with cryptocurrency.”
The majority of Russian government institutions are opposed to the Bank of Russia’s plan for a broad ban on cryptocurrency-related activity, including trading, and have been working on new legislation to widen the rules for the country’s crypto market.
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This fall, lawmakers are expected to consider and pass a new measure titled “On Digital Currency” that will govern cryptocurrency activities. Aksakov stated in a recent interview that this regulation is likely to be “tough” despite Moscow’s monetary authority easing its attitude on some issues, such as the use of cryptocurrency payments as a tool for international settlements.
