Bank of Russia discussed digital asset trading with market participants

The regulator proposes to allow stock exchanges and central counterparties to enter the market

27.04.2022 - 07:35

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What’s new? On April 26, the Bank of Russia held a closed meeting on the concept of organized trading in digital financial assets and utilitarian digital rights, Kommersant reports. The meeting was attended by major financial market participants: brokers, exchanges, as well as information system operators who have the right to issue digital financial assets.

News on the Kommersant website

What statements have been made? The main thesis of the concept of organized trading involves the admission of stock exchanges and central counterparties to the cryptocurrency market. The proposal has been welcomed by representatives of exchanges, who have spoken out in favor of trading on their platforms. The Moscow Exchange described the initiative as interesting, and SPB Exchange is also ready to get involved in the development of new products and markets.

Information system operators are skeptical because they believe that allowing exchanges to the market of digital financial assets “will very quickly kill the business of digital platforms, which has not had time to develop.” Operators also cite technological difficulties, various blockchains, low anticipated pace rates of exchanges, etc.

What had happened before? In mid-April, the Association of Russian Banks (ARB) proposed criminalizing the storage of cryptocurrencies outside of exchanges. The association believes that a criminal law approach will allow equalizing all participants of the crypto market as persons liable to pay taxes. It will also help the Bank of Russia and the Ministry of Finance to resolve contradictions in the regulation of cryptocurrencies, the ARB noted.

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