The Russian Ministry of Finance introduced a new plan for cryptocurrencies and stock exchanges. Crypto services and trading is coming for retail?
Crypto industry conquering the world
According to the local news, Russia is gearing up for new initiatives involving Bitcoin and other cryptocurrencies.
The Ministry of Finance, along with the Moscow Stock Exchange and the St. Petersburg Stock Exchange, proposed allowing traditional exchanges to offer cryptocurrency trading services to qualified investors.
They also suggested that the Bank of Russia should start creating an experimental cryptocurrency platform for international payments starting as soon as September 1. this year.
Everyone is equal, but there are more equals
The proposal didn’t detail which investors would be classified as qualified investors, so the Russians can’t know yet if they’re eligible or not.
Anatoli Aksakov, Chairman of the State Duma Financial Market Committee mentioned that he believes Russian exchanges are already well prepared for cryptocurrency transactions.
The major exchanges in Russia are already working on market development and organizing the related activities, so Aksakov assured that these exchanges would handle cryptocurrency transactions smoothly once the necessary legal frameworks are in place.
He expressed confidence that there would be no issues with exchanges managing cryptocurrency transactions.
In Russia, there are seven officially recognized, licensed, and registered exchanges: Moscow Stock Exchange, St. Petersburg Stock Exchange, St. Petersburg International Commodity Exchange (SPIMEX), St. Petersburg Currency Exchange (SPCE), Eastern Exchange, National Commodity Exchange, and CTS Exchange.
These platforms are expected to be involved in the crypto trading services immediately once the legal conditions are ready.
Escape from the grey zone
The Ministry of Finance supports comprehensive digital currency regulation and they’re previously suggested a law to legalizing cryptocurrency exchanges in Russia.
This new proposal is part of their ongoing effort to bring more structure and legality to cryptocurrency activities in the country.
By allowing traditional exchanges to handle cryptocurrency transactions and creating a platform for international payments, Russia finally wants to integrate digital currencies more formally into its financial system, despite the multiyear long hostile stance agains the industry.
