It has been claimed that Russia is getting ready to open two new cryptocurrency exchanges, one in Moscow and the other in St. Petersburg, with an emphasis on stablecoin development.
While the Moscow exchange’s framework is still being considered, Kommersant reports that the St. Petersburg exchange may take advantage of the St. Petersburg International Mercantile Exchange’s infrastructure. It might function under a new experimental legislative framework or merge with the Moscow Stock Exchange, according to rumors.
Remarkably, these exchanges are mostly focused on creating stablecoins, such as those tethered to the Chinese yuan and a basket of BRICS currencies, rather than on enabling widespread cryptocurrency trade.
The study also mentioned that the local law “On Digital Financial Assets,” which establishes a framework for digital financial assets but does not include specific rules for cryptocurrency exchanges, governs the cryptocurrency market in Russia.
As such, the new exchanges will operate under an experimental legal system initially through a pilot program. According to those acquainted with the proposals, once approved, the exchanges are expected to start off with a small user base and progressively grow to include large exporters, importers, and connected businesses.
President Vladimir Putin recently signed a law legalizing cryptocurrency mining in the nation, which coincided with the opening of new cryptocurrency exchanges in Russia. Key concepts include digital currency mining, mining pools, operators of mining infrastructure, address identifiers, and coordinators of mining pool activities are introduced under the new legislation. It does not categorize mining as the issuing of digital currency, but rather as a step in the turnover process.
According to the law, mining is only allowed for Russian legal firms and individual business owners that are registered with the government. However, mining is allowed without registration for those who adhere to the energy consumption caps imposed by the government. The Bank of Russia has the power to forbid the issuance of particular assets if they endanger the financial stability of the nation, but the law also permits the trading of foreign digital financial assets on Russian blockchain platforms.