Moscow Stock Exchange Plans Trading of Cryptocurrencies
The Moscow Stock Exchange plans soon to begin the trading
of digital currencies. The exchange will also list derivatives and exchange-traded funds (ETF) based on different cryptocurrencies. The exchange is currently creating an infrastructure to trade Bitcoin and other virtual currencies as of August 2017. The move comes after Russia seemingly banned ‘ordinary people’ from buying cryptocurrency. Based on a report by Russian state-owned news agency Tass, the exchange has claimed that a platform for the post-trading of cryptocurrency assets is already in the works.
Part of the exchange’s statement reads:
“We are already working on creating an infrastructure for such [cryptocurrency] trades, in particular, a platform for post-trading services for crypto assets.”
The exchange’s plan is in line with the announcement by Russian Deputy Finance Minister Alexei Moiseev that the government plans to regulate Bitcoin as a financial asset.
Brief background of the exchange
The Moscow Stock Exchange is the biggest exchange group in Russia. Its operations include trading markets in equities, bonds, derivatives, the foreign exchange market, precious metals, and money markets. The exchange is also the operator of Russia’s central securities depository and the biggest clearing service provider in the country.
Other digital currency developments in Russia
The cryptocurrency market is experiencing positive developments in the country. Among them is the plan by another stock exchange, St. Petersburg Stock Exchange, to add digital currency trading to its platform. The exchange is the third-most active exchange in the country in terms of volume, and the biggest exchange outside of the country’s capital. Meanwhile, the Russian government is advancing efforts to regulate the use of digital currencies in the country. A draft regulation for cryptocurrencies, including how to define them, is reportedly being created.