The Russian Ministry of Finance has proposed allowing select companies from the central bank’s registry of exchanges and trading systems to conduct digital currency trading for a group of “specially qualified” investors. The registry, managed by the Bank of Russia, includes seven officially recognized exchanges, such as the Moscow Exchange and the St. Petersburg Exchange. Anatoly Aksakov, head of the State Duma Financial Market Committee, stated that major Russian exchanges are prepared to handle cryptocurrency transactions, pending the establishment of necessary legal conditions.

This proposal was part of a draft government review prepared at the end of June, addressing parliamentary bills on cryptocurrency mining regulation and digital currency transactions under an experimental legal regime. Prime Minister Mikhail Mishustin had previously directed several government agencies to develop a mechanism for using cryptocurrency in international settlements by the end of 2022.

The Ministry of Finance’s proposal suggests special regulations for organized digital currency trades for a limited group of investors, potentially recognizing digital currency as a commodity or currency value. This could allow for currency transactions and the use of digital currencies in foreign trade agreements. The State Duma is currently considering a bill to enable the central bank to create an experimental platform for cryptocurrency use in international settlements starting September 1.

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