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.
Crypto trader Michaël van de Poppe suggested that the Federal Reserve’s recent decision to cut interest rates by 50 basis points could positively influence the crypto market.
Solana Mobile has officially introduced its new cryptocurrency smartphone, “Seeker,” previously known as “Chapter Two.”
Chainlink co-founder Sergey Nazarov predicts that tokenized real-world assets (RWAs) will soon surpass cryptocurrencies in value.
Telegram is facing potential restrictions in India following a significant data breach linked to the app.