- Russia’s Ministry of Finance proposes regulated digital currency trading for select qualified investors.
- If legal conditions are met, licensed exchanges in Russia may soon handle cryptocurrency transactions.
- The proposal includes recognizing digital currency as a commodity or currency value for international settlements.
The Russian Ministry of Finance has proposed allowing digital currency trading for a group of qualified investors. The Ministry recommended that only exchanges and platforms listed in the official register be able to trade cryptocurrencies as a commodity. Currently, this register includes seven companies, like the Moscow Exchange and St. Petersburg Exchange.
Licensed Exchanges Listed
Seven licensed companies are listed for trading: Moscow Exchange, St. Petersburg Exchange, SPIMEX, St. Petersburg Currency Exchange, Eastern Exchange, National Commodity Exchange, and CTS Exchange.
Anatoly Aksakov, head of the State Duma Financial Market Committee, believes Russia’s main exchanges are ready to handle cryptocurrency transactions. He stressed that once legal requirements are set, exchanges should be able to start crypto trading immediately without any problems.
Aksakov also stated that,
Vitalik Buterin Criticizes Current Crypto Regulations as ‘Anarcho-Tyranny’If only the legal conditions are created for their work, they will immediately join the process. Therefore, I do not think that there will be any problems with this.
Government To Address Cryptocurrency Mining and Digital Transactions
Russia’s Ministry of Finance included a recommendation in a draft that was created at the end of June. This assessment focused on two legislative bills: No. 237585-8, which regulates cryptocurrency mining, and No. 341257-8, which governs digital currency transactions.
The proposal is based on directions issued by Prime Minister Mikhail Mishustin in late 2022. It involves significant financial and security institutions, such as the Bank of Russia, Rosfinmonitoring, the Federal Tax Service, and the Federal Security Service. The guideline seeks to establish rules for employing cryptocurrency in international settlements.
Moving Towards Comprehensive Digital Currency Regulation
The Ministry of Finance supported digital currency regulation and had previously proposed legalizing crypto exchanges in Russia. However, it failed to strike an agreement with the central bank, which resulted in the present experimental method.
The State Duma is currently discussing a new measure. This measure authorizes the central bank to build an experimental platform for Bitcoin usage in foreign settlements beginning from September 1. This is an important step toward incorporating digital currencies into Russia’s banking and trading infrastructure. It may pave the path for wider acceptance and regulation in the future.
