Proposal to Set Up Russian Crypto Exchange Circulated in Moscow

Proposal to Set Up Russian Crypto Exchange Circulated in Moscow

Russia may establish a dedicated exchange to carry out cryptocurrency transactions locally, a high-ranking member of the State Duma has suggested. The new platform can be hosted by the Moscow Exchange, according to Anatoly Aksakov, head of the parliamentary financial market committee.

Russian Authorities Mull Creating Domestic Cryptocurrency Exchange

A crypto trading platform may be established at the Moscow Exchange (MOEX), according to a statement by Anatoly Aksakov, who chairs the Financial Market Committee at the State Duma, the lower house of Russian parliament.

The lawmaker, who has been involved in the ongoing efforts to adopt a comprehensive regulatory framework for cryptocurrencies, believes that a Russian digital asset exchange will be in the best position to process crypto transactions in the country.

MOEX is the largest Russian exchange, which facilitates trading of equities, bonds, derivatives, precious metals and operates Russia’s forex market, central securities depository and the country’s largest clearing service provider.

The exchange suspended trading following the Russian invasion of Ukraine on Feb. 24. It also became a target of western sanctions imposed on Russia over military conflict. MOEX opened almost a month later, on March 21, but only for state bonds.

“Of course, there should be a crypto exchange, created according to the strict requirements of the central bank. I assume this will be a division of the Moscow Exchange,” Aksakov was quoted by Prime news agency as stating during a press conference.

He elaborated that this will ensure the Russian crypto trading platform will operate “within the framework of a respected organization with great traditions,” which is accustomed to actively interacting with the Central Bank of Russia, allowing it to “best of all cope with the task of carrying out operations with cryptocurrency.”

Russian government institutions have been working on new legislation to expand the rules for the country’s crypto market, with most of them opposing a proposal by the Bank of Russia for a wide-ranging ban on crypto-related activities, including trading.

Lawmakers are expected to review and adopt a new bill “On Digital Currency” this fall, which should regulate cryptocurrency operations. In a recent interview, Aksakov indicated this is likely to be a “tough” law, despite the monetary authority in Moscow softening its stance on certain aspects, including crypto payments as a tool for international settlements.

Do you think Russia will establish a crypto trading platform under the Moscow Exchange? Share your expectations in the comments section below.

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