Russian Banking Association Head Proposes Crypto Exchange Under MOEX

Russian Banking Association Head Proposes Crypto Exchange Under MOEX

  • Aksakov emphasised that MOEX is entirely complying with the central bank laws.
  • As a result of the penalties, MOEX’s activities were put on hold for a month.

It was recommended by the Head of state of the Russian Banking Association to establish a crypto trading platform on the Moscow Stock Exchange. Russia’s attitude toward the legality of crypto has been erratic. After briefly mentioning legalizing cryptocurrency, the nation talks about outlawing it.

Now, the Russian Banking Association chairman is discussing the possibility of putting a crypto trading platform on the Moscow Stock Exchange (MOEX). According to Russian Banking Association head Anatoly Aksakov, MOEX is the most significant choice for setting up a cryptocurrency exchange in Russia.

Aksakov made the statement:

“Of course, there should be a crypto exchange, which, again, is created according to the strict requirements of the Central Bank. I admit that this is a division of the Moscow Exchange.”

Implementation of a Viable Solution

The Head of Russia’s central bank, Mikhail Aksakov, said during a press conference that a cryptocurrency trading platform should be launched under its direction. He emphasised that MOEX is entirely complying with the central bank laws.

As a result of the penalties, MOEX’s activities were put on hold for a month. Until recently, Russia’s central bank has been vehemently opposed to operating a regulated crypto trading platform.

Aksakov further stated:

“This division, which will work within the framework of a respected organization with great traditions, accustomed to actively interacting with the Central Bank, in my opinion, will best of all cope with the task of carrying out operations with cryptocurrency.”

On a variety of global exchanges, several digital asset products have been introduced. The country’s regulatory view on cryptocurrency will be dramatically altered if a platform based on MOEX is implemented. Investors in Russia have been relatively active, despite the country’s skepticism about crypto.

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