Thu. May 23rd, 2024

Stock Exchange To Trade Crypto In Russia.

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The Central Bank of Russia has recently put forward a proposal to license traditional stock exchanges to operate in the digital assets (Cryptocurrencies/ NFT) market.

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Industry watchers say the regulator aims to provide investors with an option to trade cryptocurrencies in a controlled environment.

Bitcoin News is reporting that Stock exchanges and central clearing counterparties may be allowed to facilitate the trading of digital financial assets (DFAs), a collective term encompassing cryptocurrencies and tokens under current Russian law. The proposal was put forward by the Central Bank of Russia (CBR) at a meeting with exchanges, brokers, and information system operators, a group of entities to which crypto platforms pertain.

Representatives of the Moscow Exchange, SPB Exchange, major brokers, and information system operators that have the right to issue digital financial assets met with Bank of Russia officials behind closed doors on Tuesday, the Kommersant reported. The discussions were focused on the new plan to organize the trading of DFAs and utilitarian digital rights (UDRs) drafted by the CBR.

Some crypto-related activities in Russia were regulated with the law “On Digital Financial Assets,” which went into force in January 2021, including issuance of digital coins (digital financial assets) and fundraising through tokens (digital rights). However, other operations such as mining and trading, as well as the circulation of cryptocurrencies, remained unregulated. A new law “On Digital Currency,” authored by the finance ministry, aims to change that.

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