Russia's largest stock exchange prepares to support crypto trading

The Central Bank of Russia is reviewing the draft cryptocurrency law of the country's largest stock exchange - the Moscow Exchange.

According to Vedomosti news agency , the Moscow Exchange (MOEX) is drafting a crypto bill on behalf of the Central Bank of Russia that will allow depository facilities to issue receipts for digital financial assets (DFA). MOEX supervisory board chairman Sergei Shvetsov confirmed the bill will take on the responsibility of perfecting the regulatory framework for both DFA transactions and DFA certificates like securities.

If approved, crypto platforms and their domestic subsidiaries will have to fulfill the obligation to submit an application to the supervisory authority to validate the status of exchange operator.

The news comes after Anatoly Aksakov, the head of the Russian Bankers Association, said it was the most suitable option for hosting a regulated cryptocurrency exchange, while stressing the importance of it. of an entity that strictly complies with the regulatory requirements of the country.

Overall, the crypto regulatory scene in Russia is still quite vague and chaotic. In January, the Central Bank of Russia proposed a direct ban on cryptocurrencies, but in March "turned the wheel". Meanwhile, Russia's lower house of parliament voiced opposition to the cryptocurrency ban, demanding comprehensive regulation. Furthermore, the Central Bank of Russia is also in the process of considering legalizing cryptocurrencies in cross-border payments. 

FoxCryptoNews summary

Sep 26, 2022

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