Russia’s Ministry of Finance is proposing a new regulatory approach that could allow established financial exchanges to manage digital asset trading for a limited group of investors, as reported by Interfax on July 10.
Under this proposal, special regulations would be crafted to oversee the trading of digital currencies, recognizing them as commodities. This would involve granting licenses to exchanges or trading systems specifically tailored for this purpose. Initially, access would be restricted to a select category of “highly qualified” investors, with the exact criteria yet to be defined.
Presently, Russia’s Central Bank has already licensed seven entities, including Moscow Exchange and St. Petersburg Exchange, capable of handling such transactions.
Anatoly Aksakov, Chairman of the State Duma Committee on Financial Markets, noted these exchanges are prepared to integrate digital asset trading once the regulatory framework is established.
Furthermore, the government’s draft response also outlines plans for an experimental legal framework to regulate crypto mining and settlements. It proposes formal recognition for digital currencies and explores their potential use in foreign exchange transactions, including payments for international trade agreements.
Prime Minister Mikhail Mishustin has directed efforts toward developing an international crypto payment mechanism by 2022, which could lay the groundwork for future central bank digital currencies (CBDCs) and the legalization of stablecoin usage in global transactions.
In a bold move to reshape the future of ApeCoin, Yuga Labs has introduced a proposal that would dissolve the existing ApeCoin DAO and replace it with a streamlined management body called ApeCo.
Circle’s arrival on the New York Stock Exchange sent shockwaves through the market, and Cathie Wood’s ARK Invest wasted no time jumping in.
WazirX’s bid to restructure and compensate victims of a $230 million hack has been rejected by the Singapore High Court, putting the exchange’s recovery roadmap in limbo.
Fundstrat’s Tom Lee believes that lingering caution in the stock market could actually be setting the stage for another bullish breakout.