Russia continues to send mixed messages about the legal status of cryptocurrencies, with a parliament official urging the launch of cryptocurrency trading on the country’s largest stock exchange.
The Moscow Stock Exchange (MOEX) is the best option to host a regulated cryptocurrency exchange in Russiaaccording to Anatoly Aksakov, head of the Russian Banking Association and of a financial committee within the State Duma.
At a recent press conference, Aksakov highlighted the importance of building a cryptocurrency exchange under the strict requirements of the Russian central bank, local news agency Prime reported on Thursday.
The legislator noted that MOEX is likely to do a great job in launching a cryptocurrency trading division due to its full compliance with Bank of Russia regulations.
“That division — which will work as part of a respected organization with great traditions and highly committed to active interaction with the central bank — will do an excellent job of handling cryptocurrency operations,” Aksakov noted.
Aksakov’s remarks came shortly after MOEX said last week that it was planning a legal challenge against European Union sanctions on the National Settlement Deposit and that it would seek to protect the interests of Russian investors.. The exchange was subject to international sanctions against Russia in 2022 and had to suspend all operations for a month.
Global stock exchanges are popular destinations for digital asset-related products. Canada’s Toronto Stock Exchange is known for listing the world’s first Bitcoin (BTC) exchange-traded fund in 2021. Some European stock operators, such as Deutsche Boerse, have launched dedicated digital asset divisions that list a number of investment products. in cryptocurrencies.
However, the latest report adds some confusion to Russia’s overall stance on cryptocurrencies, as the Bank of Russia has been strongly opposed to opening a regulated local cryptocurrency trading platform.
“Cryptocurrencies should not be traded on organized markets because these assets are too volatile and risky for potential investors”Bank of Russia Governor Elvira Nabiullina said last month. A deputy governor of the bank also stated last year that Russia will only allow cryptocurrency trading through foreign trading platforms like Binance.
As previously reported, Russians have been actively investing in crypto in recent years despite the fact that the local government has not legalized a single local crypto trading exchange. All local cryptocurrency trading has been facilitated through foreign cryptocurrency companies or local unregulated exchanges.
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