Russia’s Ministry of Finance has put forward a proposal that could potentially revolutionize the way digital assets are traded. The proposal suggests that traditional exchanges be allowed to handle digital asset trading, but only for a select group of investors. This move is aimed at creating special regulations for organized trading in digital currency, treating it as a commodity, and granting exchanges licenses to facilitate these transactions.
The proposed regulations only apply to a limited circle of “particularly qualified” investors, but do not clearly outline the criteria for qualification. This suggests that only individuals or entities meeting certain requirements will be able to participate in digital asset trading through traditional exchanges. The aim seems to be to regulate and secure the market by restricting access to a privileged few.
Chairman of the State Duma Committee on Financial Markets, Anatoly Aksakov, has expressed optimism about the proposal, stating that Russia’s largest exchanges are equipped to handle crypto transactions and can readily adapt to the new regulatory framework. He believes that these exchanges are already involved in activities related to digital assets and are prepared to scale up their operations under the right conditions.
The government’s draft response not only covers digital asset trading but also addresses other key areas such as crypto mining regulation and crypto settlements. The proposal outlines plans for an experimental legal regime that would allow for foreign exchange transactions with digital currencies, including their use as a means of payment in international trade agreements. Prime Minister Mikhail Mishustin has instructed relevant authorities to create an international crypto payment mechanism by 2022, granting the central bank the authority to develop a settlement platform.
In addition to the proposed regulations, Russia is also considering legalizing the use of stablecoins for international payments. Furthermore, there are plans to promote the adoption of central bank digital currencies (CBDCs) in the future. These initiatives demonstrate Russia’s commitment to embracing digital innovations in the financial sector and integrating them into the global economic landscape.
Russia’s Ministry of Finance’s proposal marks a significant step towards establishing a comprehensive regulatory framework for digital asset trading. By involving traditional exchanges and defining criteria for investor participation, the government aims to bring stability and legitimacy to the digital asset market. With further developments expected in the coming months, Russia may soon become a hub for innovative financial technologies and solutions.