Russia’s Ministry of Finance recently put forward a proposal to allow traditional exchanges to facilitate digital asset trading for specific investors. This move signifies a potential shift in the way digital currencies are handled within the country, opening up new avenues for investors and exchanges alike.
The government’s draft response to proposed regulations outlines the possibility of establishing special rules for organized trading in digital currency, recognizing it as a commodity. This proposal aims to extend certain licenses to a limited group of “particularly qualified” investors, without clearly defining the qualification criteria.
The announcement mentions seven companies currently listed in the Russian Central Bank’s register of licenses for exchanges and trading systems. These include well-known exchanges such as Moscow Exchange, St. Petersburg Exchange, and others. According to Anatoly Aksakov, Chairman of the State Duma Committee on Financial Markets, these exchanges have the capacity to support crypto transactions and could onboard interested companies under the appropriate legal framework.
In addition to the proposed exchange regulations, the government response also touches upon crypto mining and settlements in an experimental legal environment. The acknowledgment of digital currencies as a recognized asset class opens up avenues for foreign exchange transactions and the use of digital currencies in international trade agreements.
Prime Minister Mikhail Mishustin has directed various entities including the Ministry of Finance and the central bank to establish an international crypto payment mechanism by 2022. This initiative could potentially grant the central bank the authority to develop an experimental platform for international crypto settlements from September onwards.
Russia is also exploring the possibility of legalizing stablecoin usage for international payments and is actively pursuing the development of central bank digital currencies (CBDCs). These initiatives signal a progressive stance towards embracing digital currencies and integrating them into the country’s financial systems.
Russia’s recent proposals and initiatives regarding digital asset trading signify a significant step towards modernizing its financial landscape. By exploring new regulations, facilitating exchanges, and embracing digital currencies, Russia is paving the way for a more inclusive and forward-thinking approach to financial transactions and investments.
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