TechFlow news: The Russian Ministry of Finance has proposed allowing a group of "highly qualified" investors to trade digital currencies on authorized exchanges such as the Moscow Exchange and the St. Petersburg Exchange.
Anatoly Aksakov, chairman of the State Duma's Committee on Financial Markets, said that Russia's largest exchanges are already prepared to handle cryptocurrency trading. Once the legal framework is in place, these exchanges will be able to immediately commence cryptocurrency trading.
The Ministry of Finance's proposal includes conducting digital currency transactions on exchanges and trading systems registered with the Central Bank. Currently, the registry includes seven companies: Moscow Exchange, St. Petersburg Exchange, St. Petersburg International Mercantile Exchange (SPIMEX), St. Petersburg Currency Exchange (SPCE), Eastern Exchange, National Mercantile Exchange, and CTS Exchange.
The Ministry suggests establishing special regulations for "highly qualified" investors, permitting digital currency trading under trading system licenses. The proposal also recommends recognizing digital currencies as monetary value within the general regulatory framework, thereby allowing their use as a payment method in foreign trade agreements.
Currently, the State Duma is reviewing a bill authorizing the Central Bank to begin creating a pilot cryptocurrency platform for international settlements starting September 1.
