According to a high-ranking State Duma member, Russia may set up a specific exchange to conduct bitcoin transactions locally. According to Anatoly Aksakov, head of the legislative financial market committee, the Moscow Exchange can host the new platform.
The legislator thinks that a Russian digital asset exchange will be in the greatest position to handle cryptocurrency transactions in the nation. The lawmaker has been actively involved in the continuing attempts to develop a thorough regulatory framework for cryptocurrencies.
The biggest exchange in Russia is MOEX, which also runs the country’s main clearing house, a central securities depository, and allows trading in precious metals, bonds, derivatives, and stocks.
The exchange ceased trading in response to the Russian invasion of Ukraine on February 24. Additionally, it came under the western sanctions on Russia brought forth by armed war. On March 21, almost a month later, MOEX debuted, although it was solely for state bonds.
Naturally, a cryptocurrency exchange should be established in accordance with the exact specifications 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 the 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 laws for the nation’s crypto market.
This fall, lawmakers are anticipated to consider and pass a new “On Digital Currency” measure that will govern cryptocurrency activities. Aksakov stated in a recent interview that this regulation is likely to be “difficult” despite Moscow’s monetary authority easing its attitude on some issues, such as the use of cryptocurrency payments as a tool for international settlements.
