PANews reported on July 12 that according to Beincrypto, the Russian Ministry of Finance proposed to allow a limited number of "specifically qualified" investors to trade cryptocurrencies on exchanges. The response drafted by the ministry is aimed at two proposed laws aimed at regulating cryptocurrency mining and digital currency settlement under an experimental legal framework. Specifically, the ministry proposed allowing all foreign economic activity (FEA) participants to use digital assets for settlement in accordance with general regulations, which means that digital assets need to be recognized as having monetary value.
As an experimental measure, the ministry further proposed that cryptocurrency trading would be allowed only on exchanges and platforms listed in the official register, which would treat cryptocurrencies as commodities. However, the document does not specify the criteria for classifying these investors. Essentially, the ministry's hope is that the authorities will be able to approve all foreign economic activity participants to use digital currencies for settlement. But at the same time, it also seeks to limit cryptocurrency purchases on Russian exchanges to a selected group of investors who are considered "particularly qualified." It is worth mentioning that the register includes major exchanges such as the Moscow Exchange, the St. Petersburg Bank Exchange, and the St. Petersburg International Commodity Exchange (SPIMEX). Anatoly Aksakov, chairman of the State Duma Committee on Financial Markets, stressed that if the necessary legal conditions are established, Russia's largest exchanges will be able to immediately support cryptocurrency trading.
The Russian Central Bank has long been against any form of crypto assets. Under current laws, Russian residents cannot use cryptocurrencies for payments. Although the purchase of cryptocurrencies on foreign exchanges is not explicitly prohibited, the turnover of digital assets within Russia is still in a "gray area". However, changes in the external environment are gradually forcing regulators to reconsider their stance. Previously, there have been proposals to legalize stablecoins for international settlements. Experts believe that this move is expected to simplify transactions between BRICS countries and mitigate the impact of Western sanctions on Russia.
