Recently, Russia’s Ministry of Finance has put forth a proposal to allow traditional exchanges to facilitate digital asset trading for specific investors. This move has the potential to bring significant changes to the landscape of cryptocurrency trading in the country.
The proposal outlined by the government suggests the creation of special regulations that would enable the organized trading of digital currencies on traditional exchanges. This could be done through the issuance of exchange licenses or trading system licenses, but only for a limited number of “particularly qualified” investors.
According to reports, the Russian Central Bank’s register of licenses for exchanges and trading systems lists seven companies, including well-known names like Moscow Exchange and St. Petersburg Exchange. These exchanges are already equipped to handle crypto flows and could potentially facilitate digital asset trading under the right legal framework.
Government Response and Future Plans
In addition to the proposal for digital asset trading on exchanges, the government response addresses other aspects of the cryptocurrency industry, such as mining regulation and crypto settlements in an experimental legal regime. Prime Minister Mikhail Mishustin has also ordered the creation of an international crypto payment mechanism by 2022.
Implications for the Future
The potential legalization of stablecoin use for international payments and the advancement of central bank digital currencies (CBDCs) are also on the horizon for Russia. These initiatives could further solidify the country’s position in the global crypto economy and open up new opportunities for investors and businesses alike.
Overall, the proposal to allow traditional exchanges to handle digital asset trading in Russia has the potential to significantly impact the cryptocurrency industry in the country. With the right regulations and infrastructure in place, Russia could emerge as a key player in the world of digital assets in the coming years.
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