The Russian Ministry of Finance has proposed allowing companies from the central bank’s registry of exchanges and trading systems to conduct digital currency trading for a select group of “specially qualified” investors, Interfax reported this week, citing a source familiar with the finance ministry’s proposal.

The registry of exchanges and trading systems, maintained by the Bank of Russia, includes officially recognized and licensed exchanges and trading systems operating within the country. Currently, this register includes seven companies: Moscow Exchange, St. Petersburg Exchange, St. Petersburg International Mercantile Exchange (SPIMEX), St. Petersburg Currency Exchange (SPCE), Eastern Exchange, National Commodity Exchange, and CTS Exchange.

Anatoly Aksakov, head of the State Duma Financial Market Committee, told the press (translated by Google) that Russia’s largest exchanges “are already actively carrying out such work … in terms of developing the market, in terms of how to organize the corresponding work.” Emphasizing his belief that they are ready to handle cryptocurrency transactions, Aksakov stated:

If only the legal conditions are created for their work, they will immediately join the process. Therefore, I do not think that there will be any problems with this.

This proposal was included in a draft government review that the Ministry of Finance prepared at the end of June to address two parliamentary bills: one on cryptocurrency mining regulation (No. 237585-8) and the other on digital currency transactions under an experimental legal regime (No. 341257-8). Prime Minister Mikhail Mishustin directed the Ministry of Finance, Bank of Russia, Rosfinmonitoring, Federal Tax Service, and the Federal Security Service to develop a mechanism for using cryptocurrency in international settlements at the end of 2022.

In its proposal, the Ministry of Finance suggests establishing special regulations for organized trades in digital currency recognized as a commodity, based on an exchange or trading system license for a limited group of “specially qualified” investors. The criteria for classifying such investors are not provided in the document. The proposal also suggests that within the framework of general regulation, digital currency could be recognized as a currency value, allowing for currency transactions with digital currencies, including their use as a means of payment under foreign trade agreements.

The Ministry of Finance advocates for comprehensive digital currency regulation and had previously proposed legalizing crypto exchanges in Russia. However, consensus with the central bank was not achieved, leading to the experimental approach. Currently, the State Duma is considering a bill that grants the central bank the authority to begin creating an experimental platform for cryptocurrency use in international settlements starting Sept. 1.

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