Russian Stock Exchange refutes crypto exchange reports

The Russian Stock Exchange has dismissed recent claims alleging it is preparing to launch a state-run cryptocurrency trading platform. 

The Moscow and St. Petersburg exchanges have refuted the media reports, insisting they are focused on their primary money and stock markets, with a statement on the website of the Saint Petersburg Currency Exchange (SPVB) detailing it has no intentions for “any services related to cryptocurrencies.”

However, the speculation has emanated from discussions between Russian officials on the prospects of a national crypto platform, following the approval of legislation to take effect from September 1. The laws will legalize industrial crypto mining and approve the use of crypto as a payment method for international trade, as reported by cryptonews.

Despite the official soundings from the SPVB, it has recently commenced the recruitment process for a new head of anti-money laundering, with the candidate expected to possess crypto skills.

If the Moscow and St. Petersburg centers pass on the possibility of setting up a state-run exchange, there appears to be plenty of interest in the regions to take up the opportunity. 

In the Republic of Tatarstan, a platform for a national crypto exchange is said to be ready and waiting, backed by the relevant local authorities. Reports have indicated the Tatarstan National Crypto Exchange is ready to display its credentials to control the flow of the digital currency transactions within Russia. 

That plan will need to obtain support from senior Kremlin figures to establish a true, nationwide service, with the relevant taxation and transparency protocols in place. 

Tatarsan representative Airat Farrakhov made the case for the region between Moscow and Yekaterinburg to be awarded the national platform.

“It is in our republic that there are all the conditions for creating a crypto exchange,” he told a local media outlet.

“They can be briefly described in three words — engagement, readiness, and economic controllability. We have the most powerful infrastructure, and the expert and professional potential of the republic makes it the best platform for the implementation of such a project. No decision has been made yet, but Tatarstan may well be entrusted with its implementation.”

Image credit: Via Ideogram

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