The largest exchanges in Russia are ready to start working with cryptocurrencies immediately after the authorities legalize cross-border settlements in crypto, according to a senior member of the Russian Parliament. Stock and commodity trading platforms in Moscow and St. Petersburg are working to develop this market, the senior official added.
Russia’s Top Exchanges Waiting for Moscow’s Green Light on Cryptocurrency Payments
Major Russian exchanges are ready to start working with cryptocurrencies as soon as government institutions create legal conditions for crypto settlement, the head of the Financial Market Committee of the State Duma, the lower house of parliament, announced.
Moscow Exchange, St. Petersburg Exchange and St. Petersburg International Commodity Market are actively working to develop the market and are ready to immediately participate in the process, because the infrastructure is already there, Anatoly Aksakov said in an interview with Parliamentskaya newspaper. Official Gazette of the Federal Council.
Also mentioned by the crypto news media Bits.media and RBC Crypto, the law designed to regulate the Russian vice is currently being discussed. The legislator indicated that the necessary bills could be approved by November.
Russia is turning its attention to cryptocurrencies to avoid a financial ban imposed by the West in the wake of its military invasion of Ukraine. The Russian government now sees them as a tool to ensure uninterrupted cross-border payments.
In mid-September, Prime Minister Mikhail Mishustin ordered the Ministry of Finance and the Central Bank of Russia to clarify in December a joint position on the federal law needed to regulate the mining and distribution of digital coins, including their use in mining and international settlements. .
Last week, the news came out that the two regulators have already reached a general agreement on the bill to authorize the employment of cryptocurrency in foreign trade agreements. Russian media reports have revealed that financial authorities in Moscow are already developing a mechanism to facilitate such crypto payments.
Do you expect Russia to quickly pass laws allowing the use of cryptocurrencies in cross-border settlements? Share your thoughts on the topic in the comment section below.
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