The Ministry of Finance in Russia has recently made a huge step concerning digital currencies. The authority has reportedly proposed allowing the trading of digital assets for the investors who qualify for this on registered stock exchanges including St. Petersburg Exchange and Moscow Exchange. State Duma Financial Market Committee’s head also commented on this.

Russia to Allow Crypto Trading on the Prominent Crypto Exchanges

As per the official, the country’s biggest exchanges have the potential to tackle crypto transfers. In addition to this, he also stressed the commencement of the crypto trading operations without any problems. Nonetheless, he disclosed the expectation to start this following the establishment of adequate legal conditions.

In this respect, the entities from the registration of trading systems and exchanges will execute crypto trading. The Bank of Russia maintains the registry of exchanges and trading systems. It takes into account licensed and officially acknowledged exchanges as well as trading systems in the jurisdiction. At present, this register takes into account 7 firms.

They include CTS Exchange, National Commodity Exchange, Eastern Exchange, St. Petersburg Currency Exchange, and St. Petersburg International Mercantile Exchange. St. Petersburg Exchange and Moscow Exchange also stand on the list. Anatoly Aksakov added that the biggest exchanges operating in Russia are already engaged in such work actively. This includes developing the market and organizing the corresponding work.

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The official also emphasized his optimism that the country has the potential to deal with cryptocurrency transactions. The proposal came as a part of a draft review prepared by the Ministry of Finance at June’s end. The ministry developed it to address a couple of parliamentary bills. One of them deals with crypto mining regulation while the other focuses on the transfer of digital currencies.

Russian Ministry of Finance Plans Permitting Central Bank to Develop an Experimental Crypto Platform

Apart from that, the Ministry of Finance promotes the comprehensive regulation of digital currency. In this respect, it has formerly proposed legitimizing cryptocurrency exchanges in the jurisdiction. Nevertheless, the ministry could not reach a consensus with the country’s central bank. This led to an experimental approach. At the moment, the State Duma is planning a bill granting the central bank the capability to start developing an experimental crypto platform.