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- Russia will permit “qualified investors” to trade cryptocurrencies on major licensed exchanges.
- Cryptocurrency assets in Russia are to be classified as commodities, similar to those in Canada and Australia.
In recent developments, the Russian Finance Minister has announced that “qualified investors” will be allowed to trade cryptocurrency on the country’s major exchanges. Blockchain researcher Collin Brown expressed enthusiasm for this move, stating, “Russia is eyeing a big move in digital currency!”
🚀 Russia is eyeing a big move in digital currency! The Ministry of Finance proposes allowing #Bitcoin, #XRP and crypto trading on major exchanges like Moscow Exchange and St. Petersburg Exchange for qualified investors. 🚀🚀🚀 pic.twitter.com/Rh9rngujJe
— Collin Brown (@CollinBrownXRP) July 15, 2024
A government review draft from June explored the experimental legislative framework for regulating cryptocurrency and digital currency transactions; it was at that time that the proposal for this authority was first proposed. However, the proposal has yet to specify the qualifications for being considered a “qualified investor.”
Major Russian Exchanges Ready to Facilitate Crypto Trading
Seven major exchanges licensed in Russia, including the St. Petersburg Exchange, St. Petersburg International Mercantile Exchange (SPIMEX), St. Petersburg Currency Exchange (SPCE), National Commodity Exchange, CTS Exchange, Eastern Exchange, and Moscow Exchange, will eventually facilitate trading of Bitcoin, XRP, and other crypto.
According to Anatoly Aksakov, chairman of the State Duma Financial Market Committee, these regulated exchanges have completed all operational procedures, showing their preparedness to provide cryptocurrency asset services. Aksakov said:
“If only the legal conditions are created for their work, they will immediately join the process. Therefore, I do not think that there will be any problems with this.”
Furthermore, according to the Russian Ministry of Finance’s plan, cryptocurrency assets will be classified as commodities, as is the case in Canada, Australia, Indonesia, and Brazil.
Previously, CNF reported last month that the Russian government is attempting to legitimize bitcoin mining as an economic activity. This measure tries to remove regulatory ambiguities and provide miners with legal legitimacy.
On the other hand, the BRICS intends to implement a gold-backed currency in September, as discussed at their economic meeting in Moscow. This project is part of a larger effort to boost economic cooperation and stability among member countries.
