Russia is seeking to allow traditional exchanges to trade digital assets.

Russia’s central bank recently proposed to allow traditional exchanges to operate in the digital asset market due to tough sanctions imposed on the country. Indeed, the regulator aims to provide investors with the ability to trade cryptocurrencies in a controlled environment.

Exchanges for trading cryptocurrencies

He added that some entities of the Moscow Stock Exchange, St. Petersburg Stock Exchange and other information system operators that deal with cryptocurrencies secretly met with representatives of the CBR. The parties discussed the authorization of exchanges and central clearing counterparties can facilitate the trading of digital financial assets (DFA)a collective term that covers cryptocurrencies and tokens.

The Russian government is considering adopting comprehensive regulations on cryptocurrencies. At the same time, activities such as issuing cryptocurrencies and seeking tokens to raise funds also fall within the scope.

According to Kommersant, a source in the financial community who attended the meeting said that exchanges and brokers supported the idea to trade digital assets, which would expand the range of financial instruments available to them. Meanwhile, information system operators are skeptical about the proposal.

On the other hand, officials of the Moscow Stock Exchange welcomed the initiative and said they were ready for further discussions.

“The concept involves using existing trading and settlement infrastructure. This will help centralize liquidity, which has been confirmed by the practice of secondary circulation of fiat and digital assets around the world,” they noted in the interview.

Also Read: Panamanian Legislature Approves Bill to Regulate Cryptocurrencies.

A way to escape the sanctions?

The Central Bank of Russia should enable the circulation of digital assets by transforming its transactions into a stock market model. The US government, in alliance with other countries, aims to completely destroy the Russian economy through multiple sanctions.

Recently, the US Department of Foreign Assets Control of the Treasury Department claimed that Russia could use its natural resources to promote cryptocurrency mining. It can be used in various ways to fund the mining process to avoid penalties.

According to Paul Utkinsenior lawyer at Parthenon United Legal CenterRussian banks seek to control the circulation of DFA and transform their transactions into transactions similar to those of the ordinary stock market.

“While regulators and the Ministry of Finance have lost the battle to stop the circulation of cryptocurrencies in the country, there is a need to create a platform to control the circulation of these assets,” explained the expert.

See more: VeChain has partnered with Alchemy Pay to enable VET payments at 2 million stores.

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Russia is seeking to allow traditional exchanges to trade digital assets.

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