Russia: Leading the Way in Embracing Digital Currency Platforms

Russia is not the one to shy away from competing with the world in technology. Russia’s Stock Exchanges are introducing a platform to trade crypto assets. However, understanding and clarifications should be done properly before initiating.

Digital Platform
Digital Platform

Would it have been possible when the whole world is striding at such a rapid pace, the former Superpower; Russia would just remain a mere spectator? Obviously not! The planning of regulating the Bitcoin as a financial asset from the deputy finance minister; Alexei Moiseev had received huge support from various financial traders. This resulted in an announcement at the Moscow Stock Exchange which was done in a press conference to Tass, the state-owned news agency where the Exchange quoted; “We are already creating an infrastructure for such trades, in particular, a platform for post-trading services of crypto assets”. The press conference further revealed the Exchange’s initiatives with regulators in order to clarify all the legal issues which could further put the whole expedition in a mid-way jeopardy. It stated to clarify all those things which would help the traders to trade cryptocurrencies in the Russian Exchange market along with safeguarding the interests of its’ purchasers.

The Moscow Stock Exchange is the largest exchange group in Russia. It operates trading markets in equities, bonds, derivatives, the foreign exchange market, money markets and precious metals. It also operates as Russia’s central securities depository and acts as the country’s largest clearing service provider. The Moscow Exchange is not only building an infrastructure but also plans to trade other cryptocurrencies as well as derivatives and Exchange-Traded Funds (ETFs) based on them. The Moscow Stock Exchange will create a platform where it will assist its’ traders with the help of various tools like derivatives and ETFs based on cryptocurrencies. It will also release a Russian business publication based on cryptocurrencies. This is all according to Business FM, Moscow which is one of the leading Radio Channels of Moscow.

Along with the Moscow Stock Exchange, St. Petersburg Stock Exchange which is the third-most active stock exchange in Russia by volume and the largest outside Moscow, is considering to add cryptocurrency trading to its’ platform according to Tass. Moiseev has put greater emphasis on restricting the proposed cryptocurrency trading just to qualified investors and that’s why he has been in continuous talks with the central bank along with Moscow Stock Exchange. This is in order to make it a smooth ongoing journey in spite of creating an uncertain havoc in the market after a certain period of time. Russia, even though being in the process of drafting regulations regarding the digital currency, the classification of various aspects of the cryptocurrency and trading in it is leading to delays in starting the cryptocurrency trade.