The Russian Finance Minister announced that "qualified investors" will be allowed to trade cryptocurrencies on the country's major exchanges. Blockchain expert Collin Brown expressed his enthusiasm for this development, stating:
"Russia is taking a significant step in the field of digital currencies!"
A government draft from June examined the experimental legal framework for regulating cryptocurrencies and digital currency transactions; this proposal was first introduced at that time. However, the proposal did not specify the criteria to be considered a "qualified investor."
Major Russian Exchanges Ready to Simplify Crypto Trading
Seven major Russian-licensed exchanges, including the St. Petersburg Exchange, St. Petersburg International Mercantile Exchange (SPIMEX), St. Petersburg Currency Exchange (SPCE), National Commodity Exchange, CTS Exchange, Eastern Exchange, and Moscow Exchange, will facilitate the trading of Bitcoin, XRP, and other cryptocurrencies.
According to Anatoly Aksakov, Chairman of the Duma's Financial Market Committee, these regulated exchanges have completed all operational procedures, demonstrating their readiness to offer cryptocurrency services immediately. Aksakov stated:
"As soon as the legal prerequisites for their operation are established, they will immediately join the process. Therefore, I do not anticipate any issues with this."
Additionally, the Russian Finance Ministry's plan categorizes cryptocurrencies as "commodities," similar to the approach in Canada, Australia, Indonesia, and Brazil.
As reported by CNF, the Russian government also aims to legitimize Bitcoin mining as an economic activity. This measure is intended to provide clarity and legal legitimacy to miners.
On the other hand, the BRICS countries plan to introduce a gold-backed currency in September, as discussed at their economic meeting in Moscow. This initiative aims to move away from the dollar as the primary reserve currency and promote economic cooperation and stability within the BRICS group.
