Russia Explores Expanded Role for Cryptocurrency Exchanges
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Russia is gearing up to expand its stance on Bitcoin (BTC) and cryptocurrencies, with significant developments on the horizon.
The Russian Ministry of Finance, along with the Moscow Stock Exchange and others, is proposing to authorize traditional exchanges like the St. Petersburg Stock Exchange to offer cryptocurrency trading services to qualified investors. This move aims to foster the development of cryptocurrency markets within the country.
Additionally, starting from September 1, the Bank of Russia is set to establish an experimental cryptocurrency platform for international payments, marking a bold step towards integrating cryptocurrencies into the financial system.
Details on the criteria defining “qualified investors” were not specified in the Ministry’s proposal.
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Anatoli Aksakov, Chairman of the State Duma Financial Market Committee, expressed confidence in Russia’s registered exchanges’ capability to handle cryptocurrency transactions seamlessly, once regulatory conditions are in place.
Currently, seven exchanges in Russia are officially recognized, licensed, and listed in the trade registry, including the Moscow Stock Exchange, St. Petersburg Stock Exchange, and others. The Russian Ministry of Finance has been advocating for comprehensive digital currency regulation and previously proposed legalizing cryptocurrency exchanges across the country.