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Russian Finance Ministry Offers Cryptocurrency Trading to Some Investors
According to Interfax, the Russian Finance Ministry has proposed allowing cryptocurrency trading on exchanges for a limited group of “specially qualified” investors.
The initiative is part of broader efforts to develop international settlement mechanisms using digital assets.
Russia May Allow Cryptocurrency Trading, But Not for Everyone
The Ministry draft response addresses two proposed laws regulating cryptocurrency mining and digital currency settlements under an experimental legal framework. The ministry suggested allowing all participants in foreign economic activity (FEA) to use digital assets for settlements under general regulation, which would require recognizing them as monetary value.
As an experiment, the ministry has proposed that only exchanges and platforms registered in the official register be allowed to carry out transactions. cryptocurrency tradingconsidering it as a commodity. The document does not specify criteria for classifying these investors.
In essence, the ministry wants the authorities to approve settlements in digital currency for all FEA participants. At the same time, it wants to limit purchases of cryptocurrencies on Russian exchanges to a narrow group of investors.
Learn more: Cryptocurrency Regulation: What Are the Pros and Cons?
The register includes major exchanges such as the Moscow Exchange, the St. Petersburg Stock Exchange and the St. Petersburg International Mercantile Exchange (SPIMEX). Anatoly Aksakov, Chairman of the State Duma Committee on Financial Markets, stressed that the largest Russian exchanges can immediately support cryptocurrency trading if the necessary legal conditions are met.
“Our Moscow Exchange and the St. Petersburg Exchange, the St. Petersburg Commodity Exchange, are already actively carrying out this work. I mean on the development of the market, on how to establish the corresponding work (…), if only the legal conditions are created for their work, they will immediately get involved in the process. So I don’t think there will be any problems with this,” he said.
The Russian Central Bank has long since opposite all crypto assets. According to current legislation, Russian residents cannot use cryptocurrency for PaymentsAlthough the purchase of cryptocurrencies on foreign markets is not prohibited, the circulation of digital assets in Russia remains in a “gray zone.”
However, external circumstances are gradually forcing the regulator to reconsider its position. Previously, it had been proposed Legalize stablecoins for international settlementsExperts believe that this measure could simplify transactions between BRICS countries and mitigate the impact of Western sanctions.
Learn more: Guide to the best stablecoins in 2024
The recent proposal marks a significant step in Russia’s stance on cryptocurrency, with an emphasis on controlled experimentation and preparing infrastructure to integrate digital assets into international trade.
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