Russia Considers Allowing Stock Exchanges to Offer Crypto Trading for Qualified Investors

cryptonews.com:

The Russian Ministry of Finance is considering allowing qualified investors to trade digital currencies on licensed exchanges, such as the Moscow Exchange and St. Petersburg Exchange.

According to reports from local media outlets, the Ministry of Finance aims to grant permission to companies listed in the central bank’s registry of exchanges and trading systems to conduct digital currency trading for a select group of “specially qualified” investors.

The registry, overseen by the Bank of Russia, currently includes seven recognized and licensed exchanges and trading systems operating within the country.

Among them are prominent institutions like the Moscow Exchange, St. Petersburg Exchange, and St. Petersburg International Mercantile Exchange (SPIMEX).

Anatoly Aksakov, head of the State Duma Financial Market Committee, claimed that major exchanges are already actively involved in developing the cryptocurrency market and organizing the necessary infrastructure.

He expressed confidence that once the legal framework is established, these exchanges would promptly enter the crypto trading space without encountering any significant obstacles.

BREAKING:

Russia is reportedly considering allowing Bitcoin and cryptocurrency trading for select investors

— FUD (@WhaleFUD) July 13, 2024

The proposal by the Ministry of Finance is part of a draft government review addressing two parliamentary bills, one focused on cryptocurrency mining regulation and the other on digital currency transactions under an experimental legal regime.

Prime Minister Mikhail Mishustin has directed several government agencies, including the Ministry of Finance and the Bank of Russia, to develop mechanisms for using cryptocurrencies in international settlements.

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