Russia's Proposal to Allow Traditional Exchanges for Crypto Trading

Russia's Ministry of Finance has suggested permitting traditional exchanges to facilitate digital asset trading for specific investors. The proposal outlines the creation of special regulations for organized trading in digital currency on the basis of an exchange or trading system license. This would be limited to a select group of 'particularly qualified' investors without specified qualification criteria. The Russian Central Bank's register currently includes seven companies eligible for this, with the potential for more to join under suitable legal conditions. The government response also addresses crypto mining and settlements, including the development of an international crypto payment mechanism by 2022. Russia is exploring the legalization of stablecoin use for international payments and the advancement of central bank digital currencies. The country aims to regulate the entire crypto transaction chain, from entry into the country to cross-border payments. Additionally, there are discussions on using the digital ruble for international transactions by 2025.