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Russian MP calls for cryptocurrency trading on Moscow Exchange

 


Russia continues to send mixed signals about the legal status of cryptocurrencies, now that a senior politician has called for the country to officially start crypto trading through one of the country's largest exchanges.


Accordingly, Anatoly Aksakov, the Chairman of the Parliamentary Banking and Finance Committee in the Duma, suggests that the Moscow Stock Exchange (MOEX) is the best trading venue to launch a regulated crypto exchange.


During a press conference, Aksakov expressly emphasized that a national crypto exchange must meet the strict requirements of the Central Bank of Russia, Prime news agency reported on July 7 .


To that end, the politician stated that the MOEX would be best suited to build a crypto trading platform capable of meeting the central bank's full catalog of demands, as the exchange is already working closely with the influential authority.


“The crypto department – ​​which would be working as part of a reputable organization with a long tradition and close liaison with the central bank – would be in the best position to do an excellent job dealing with cryptocurrencies,” Aksakov explains.


The politician's words come days after MOEX announced last week that it would take legal action against European Union (EU) financial sanctions to protect the interests of its investors. The Moscow Stock Exchange was hit hard by the package of sanctions against Russia and even had to shut down its operations for a month .


Established stock exchanges have recently ventured more and more into trading cryptocurrencies and related investment products. For example, the Toronto Stock Exchange caused a stir in 2021 when it listed the world's first Bitcoin index fund (ETF). European stock exchanges such as Deutsche Börse have already launched several crypto investment products.


However, the current developments in Russia are causing additional confusion, as the Russian central bank has so far vehemently opposed the opening of a regulated crypto exchange.


" Cryptocurrencies should not be traded on organized marketplaces because they are far too volatile and risky for potential investors as investment products," Central Bank Governor Elvira Nabiullina warned last month. A deputy governor of the Bank of Russia took the same line last year, calling for cryptocurrency trading to only be possible through international platforms like Binance.


As previously reported, despite these restrictions, the Russian population is quite active in cryptocurrency trading. Even the Kremlin reported in April that the Russians own a total of 130 billion US dollars in crypto assets.

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