Central Bank of Russia Will Allow Stock Exchanges to Trade Crypto?
Central Bank of Russia Will Allow Stock Exchanges to Trade Crypto?
The Russian Central Bank has proposed that traditional stock exchanges be allowed to participate in the digital asset market.
Under current Russian legislation, stock exchanges and central clearing counterparties may be authorized to support the trade of digital financial assets, which includes cryptocurrencies and tokens. The suggestion was presented at a meeting between the Central Bank of Russia and exchanges, brokers, and information system operators, a group of organizations that include crypto platforms.
On Tuesday, representatives from the Moscow Exchange, SPB Exchange, major brokers, and information system operators with the authority to issue digital financial assets met with officials from the Bank of Russia, according to Kommersant. The discussion centered on the Central Bank of Russia’s new initiative to coordinate the trade of digital financial assets and utilitarian digital rights.
The law “On Digital Financial Assets,” which comes into place in January 2021, regulates several crypto-related activities in Russia, including the issuing of digital financial assets and fundraising using tokens. Other activities, like mining and trading, as well as cryptocurrency circulation, remained uncontrolled. The finance ministry has drafted a new regulation called “On Digital Currency” that intends to change that.
According to a source from Russia’s financial sector who attended the conference, the exchanges and brokers backed the idea of trading digital assets, which would broaden the range of financial instruments accessible to them. At the same time, the suggestion was met with scepticism by the information system operators.
They are concerned that allowing stock exchanges into the market will damage the operations of digital asset platforms that have yet to mature. Their representatives also warn about a number of obstacles, including those linked to the adoption of blockchain technology and the slower speed with which traditional exchange platforms operate.
Officials from the Moscow Exchange, on the other hand, praised the initiative: “The concept involves the use of existing exchange and settlement infrastructures. This will contribute to the concentration of liquidity, which has been confirmed by the global practice of secondary circulation of both fiat and digital assets”.
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Central Bank of Russia Will Allow Stock Exchanges to Trade Crypto?
Central Bank of Russia Will Allow Stock Exchanges to Trade Crypto?
The Russian Central Bank has proposed that traditional stock exchanges be allowed to participate in the digital asset market.
Under current Russian legislation, stock exchanges and central clearing counterparties may be authorized to support the trade of digital financial assets, which includes cryptocurrencies and tokens. The suggestion was presented at a meeting between the Central Bank of Russia and exchanges, brokers, and information system operators, a group of organizations that include crypto platforms.
On Tuesday, representatives from the Moscow Exchange, SPB Exchange, major brokers, and information system operators with the authority to issue digital financial assets met with officials from the Bank of Russia, according to Kommersant. The discussion centered on the Central Bank of Russia’s new initiative to coordinate the trade of digital financial assets and utilitarian digital rights.
The law “On Digital Financial Assets,” which comes into place in January 2021, regulates several crypto-related activities in Russia, including the issuing of digital financial assets and fundraising using tokens. Other activities, like mining and trading, as well as cryptocurrency circulation, remained uncontrolled. The finance ministry has drafted a new regulation called “On Digital Currency” that intends to change that.
According to a source from Russia’s financial sector who attended the conference, the exchanges and brokers backed the idea of trading digital assets, which would broaden the range of financial instruments accessible to them. At the same time, the suggestion was met with scepticism by the information system operators.
They are concerned that allowing stock exchanges into the market will damage the operations of digital asset platforms that have yet to mature. Their representatives also warn about a number of obstacles, including those linked to the adoption of blockchain technology and the slower speed with which traditional exchange platforms operate.
Officials from the Moscow Exchange, on the other hand, praised the initiative: “The concept involves the use of existing exchange and settlement infrastructures. This will contribute to the concentration of liquidity, which has been confirmed by the global practice of secondary circulation of both fiat and digital assets”.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Hazel
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