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Russian Minfin Considers Cryptocurrency Trading on Stock Exchange Only for Selected Investors
The Russian Finance Ministry is reportedly working to allow exchanges to open cryptocurrency trading, but limiting access to a limited group of “highly qualified” investors.
RussiaRussia’s Finance Ministry, also known as Minfin, is considering measures to allow cryptocurrency trading on exchanges as the country moves closer to legalizing cryptocurrency payments for cross-border trades, Russia’s state-run Interfax news agency reports, citing sources familiar with the matter.
The report notes that the ministry is considering a mechanism that would allow transactions with digital currencies, but only for “highly qualified” investors, as Russia’s central bank, the Bank of Russia, is still continues to oppose full legalization of cryptocurrencies.
As Interfax notes, the initiative aims to facilitate digital currency trading while managing regulatory complexities, in line with the guidelines of Russian Prime Minister Mikhail Mishustin. Push 2022 to enable cross-border settlements in cryptocurrency. According to sources familiar with the matter, the Minfin suggests recognizing cryptocurrency as a commodity in an effort to overcome regulatory complexities.
The ministry’s proposal comes shortly after reports emerged that the Bank of Russia could be under consideration approve stablecoins for cross-border trade as local companies explore alternative ways to conduct trade with China amid sanctions.
In an interview with the Russian state daily, Deputy Governor of the Central Bank Alexei Guznov said that the proposal is under discussion, adding that the ultimate goal is to regulate the entire process chain that would allow individuals to “transfer these assets [stablecoins] in Russia, accumulate them and use them for international payments.”