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Amid the ongoing war with Ukraine, Russia changed its mind about cryptocurrencies and is now trying to make provisions for trade in digital assets.
The largest exchange in the nation, Moscow Exchange, plans to enable the trading of securities and digital financial assets (DFAs) using a set of bills that are now being created.
According to a report in the Russian-language newspaper Vedomosti, MOEX is drafting the legislation on behalf of the Central Bank of Russia. The MOEX supervisory board chair, Sergei Shvetsov, claims that the bill would include facilities for trading in both DFAs and DFA certificates that trade similarly to securities.
The agency is presently reviewing the proposed law even though the latter does not have legislative authority.
If approved, the new drafted set of rules would mandate cryptocurrency platforms and their associates to register for operator status for trading with the national watchdogs.
The announcement follows Anatoly Aksakov, head of the Russian Banking Association, who stated that the country is the ideal location for hosting a regulated cryptocurrency exchange and stressed the significance of an organization that properly complies with all applicable regulations.
Furthermore, it was said that the Bank of Russia is relaxing its tough stance toward the digital asset industry and considering the prospect of soon legalizing crypto for use in cross-border payments.
Accusations on Russia regarding crypto use for evading sanctions
While accusations on Vladimir Putin’s government in Russia using digital assets to evade sanctions continue to circulate, the United States authorities are on guard. Recently, Treasury’s assistant secretary for financial crime and terrorist financing, Elizabeth Rosenberg, made a suggestion that this might be the case.
The Treasury Department has so far identified several businesses and groups in Russia trying to use cryptocurrency to evade sanctions. 22 people and two businesses were singled out earlier this month for helping the land of superlatives fund its assault against Ukraine online.
The post The Central Bank of Russia to review Moscow Exchange’s proposed crypto bill appeared first on Blockchain, Crypto and Stock News.
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