Russia to Launch Two Crypto Exchanges in Moscow and St. Petersburg

Russia is set to launch two new crypto exchanges, one in St. Petersburg and another in Moscow, with a focus on stablecoin development.

As sanctions continue to impact Russia’s financial sector, the country is planning to establish at least two domestic crypto exchanges. One may utilize the infrastructure of the St. Petersburg International Mercantile Exchange, while the other will be set up in Moscow, though its exact framework remains undecided.

The Moscow-based crypto exchange could either integrate with the Moscow stock exchange or operate under a new experimental legal regime. The primary goal for these exchanges is not to facilitate crypto trading but to develop stablecoins, including those pegged to the Chinese yuan and a basket of BRICS currencies.

Currently, the cryptocurrency industry in Russia is regulated by a local bill “On Digital Financial Assets,” which provides a framework for digital financial assets but lacks specific guidelines for crypto exchanges. As a result, the new exchanges will initially operate as a pilot under the experimental legal regime.

Once approved, the exchanges are expected to launch with a limited user base before gradually expanding to include major exporters, importers, and affiliated businesses.

The establishment of these crypto exchanges aligns with ongoing discussions between Russia’s Finance Ministry and the country’s central bank. Finance Minister Anton Siluanov confirmed that while negotiations are progressing, no final decisions have been made.

This development follows a recent legislative move by President Vladimir Putin, who signed a law in early August legalizing crypto mining to create a legal framework for the issuance and circulation of cryptocurrencies.

Additionally, Russian lawmakers are exploring the introduction of gold-backed tokenized assets, directly managed by the central bank, as a solution for persistent cross-border payment challenges. Ongoing discussions involving senior officials and key banking figures indicate that Russia is exploring this approach to provide businesses with a stable mechanism for international transactions. However, this initiative has not yet progressed to the development stage at the state level.

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