Russia is reportedly preparing to launch two new cryptocurrency exchanges, one in St. Petersburg and the other in Moscow, with a focus on stablecoin development.
According to Kommersant, the St. Petersburg exchange may leverage the infrastructure of the St. Petersburg International Mercantile Exchange, while the Moscow exchange’s framework is still under consideration. The speculation is that it may either integrate with the Moscow Stock Exchange or operate under a new experimental legal framework.
Notably, the primary focus of these exchanges is not on facilitating general crypto trading but on developing stablecoins, including those pegged to the Chinese yuan and a basket of BRICS currencies.
The report further noted that Russia’s cryptocurrency industry is governed by the local bill “On Digital Financial Assets,” which outlines a framework for digital financial assets but does not provide detailed regulations for crypto exchanges.
Consequently, the new exchanges will initially function under a pilot program within an experimental legal regime. Once approved, the exchanges are anticipated to begin with a limited user base and gradually expand to include major exporters, importers, and affiliated businesses, according to sources familiar with the plans.
The establishment of new crypto exchanges in Russia follows President Vladimir Putin’s recent signing of a law that legalizes cryptocurrency mining in the country. The new legislation introduces key concepts such as digital currency mining, mining pools, mining infrastructure operators, address identifiers, and organizers of mining pool activities. It classifies mining as part of the turnover process rather than as the issuance of digital currency.
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Under the law, only Russian legal entities and individual entrepreneurs listed in a government register are permitted to mine. However, individuals who stay within government-set energy consumption limits can mine without registration. Additionally, the law allows for the trading of foreign digital financial assets on Russian blockchain platforms, while the Bank of Russia retains the authority to prohibit the issuance of specific assets if they pose a risk to the country’s financial stability.
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