Anatoly Aksakov, a member of the State Duma, said the Russian government has abandoned the idea of launching a regulated national cryptocurrency exchange. In November 2022, a plan to create a unified one as part of the Moscow Stock Exchange was put forward, but this proposal will no longer be carried out. Instead, Russia seeks to establish rules for the creation and management of various cryptocurrency trading platforms.

The Russian Ministry of Finance was among the authorities that did not support the creation of a national cryptocurrency exchange. According to Aksakov, chairman of the Duma’s committee on financial markets, these would allow Russian companies to process cross-border transactions and avoid sanctions. However, this would likely trigger restrictions against these platforms.

In response to the restrictions, Russia will continue to create new cryptocurrency platforms and organizations, but the main focus will be on establishing a regulatory framework for this process. Aksakov suggests that Russia’s central bank be the main regulatory authority tasked with supervising cryptocurrency exchanges. The regulatory framework would be incorporated into the Bill on Experimental Legal Regimes.

According to Alexey Guznov, Deputy Governor of the Bank of Russia, it is too early to talk about cryptocurrency exchanges in Russia in the classical sense. These platforms would rather act as organizations that facilitate interaction between exporters and importers to expedite cross-border transactions. These organizations could help, for example, Russian companies to pay for parallel imports.

Major Russian cryptocurrency companies seem to oppose the idea of a national exchange and instead advocate a regulatory framework for these organizations. According to Oleg Ogienko, a compliance executive at BitRiver, a new regulatory mechanism would help minimize the risks of sanctions and cyberattacks on infrastructure, as well as address issues related to market dominance. Ogienko suggests that exchanges should restrict the participation of unqualified investors in the early stages.

K. Tovar

Source: Cointelegraph

(Reference image source: Unsplash+)

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La entrada Russia abandons state-owned cryptocurrency exchange project apareció primero en Bitfinance.

The Moscow Stock Exchange restarted its operations with shares, after having been closed since last February 25 in what has been the longest period of closure of the Moscow stock market. It reopened although with a series of limitations, including reduced trading hours and the prohibition of short positions.

After some first downward crosses, where the selective MOEX, denominated in rubles, fell 0.6 %, while the RTS, quoted in dollars, lost 14.49 %, both indices turned around and traded in positive.

According to data from the Russian agency Tass, the price of the selective MOEX after the first hour of trading rebounded 10.21 %, while that of the RTS index had covered its losses to 4.55 %. Trading is only allowed on a list of 33 stocks out of the 45 that make up the MOEX index. Likewise, operations can be carried out between 9:50 a.m. and 2:00 p.m. Moscow local time.

The Bank of Russia also imposed a ban on investors opening short positions on the 33 securities that will be listed again, while the operations of the derivative contracts for the MOEX and for the individual shares will be carried out between 10:00 a.m. and 2:00 p.m., as usual.

K. Tovar

Source: La Vanguardia

La entrada Moscow stock exchange resumes operations apareció primero en Bitfinance.

The two main selective of the Moscow Stock Exchange fell around 30 % after Russia began a military operation in Ukraine with the aim of demilitarizing and “denazifying” the country, according to Russian President Vladimir Putin.

The Moex index, denominated in rubles, has experienced a fall of 36.3 %, to stand at 1,965.19 points, compared to 3,084.74 integers at which it had closed on Wednesday. Since its highs in the past year, the index has plunged 54 %.

The other great selective of the Russian parquet, the RTS, denominated in dollars, plummeted 41.13 % in the first hours of trading, to 708.86 integers. On Wednesday, the selection had closed at 1,204.11 points. Since its highs in the last year, this index has accumulated a drop of 63 %.

The value of the ruble continues to decline, as in recent weeks. The euro has strengthened by 6.4 %, while the dollar has strengthened by 6.82 %. In this way, the European currency is exchanged in the markets for 97.75 rubles, while the ‘green ticket’ is traded for 86.68 rubles.

K. Tovar

Source: La informacion

La entrada Moscow stock market falls 30 % after attack on Ukraine apareció primero en Bitfinance.