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The draft cryptocurrency law of Russia’s largest stock exchange – Moscow Exchange has been submitted to the Central Bank of Russia and is under review.
Reporting from Vedomosti, the company that owns the Moscow Exchange (MOEX) has drafted a crypto bill that would allow depository facilities to issue receipts for digital financial assets (DFA).
Sergei Shvetsov, Chairman of the MOEX Oversight Board, confirmed that the bill will serve to complete the regulatory framework for both DFA transactions and DFA certificates as securities. Once the bill is passed, crypto platforms and their domestic subsidiaries will fulfill their obligation to submit an application to the supervisory authority and legitimize the exchange operator status.
The above information comes shortly after the head of the Russian Bankers Association, Anatoly Aksakov, considered it the most suitable option to organize a regulated cryptocurrency exchange. He also stressed the importance of an entity that strictly adheres to the country’s regulatory requirements.
In the current context, the legal development of crypto in Russia is still quite ambiguous and chaotic. Although earlier this year, in January, the Central Bank of Russia proposed an absolute ban on cryptocurrency activities, but in March, the proposal was withdrawn. In addition, Russia’s lower house of parliament opposed the cryptocurrency ban, demanding comprehensive regulation. The process of cross-border payments in cryptocurrencies is being considered by the Central Bank of Russia to be legal.
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