Top Russian lawmaker Anatoly Aksakov has revealed that Russian businesses have engaged in cross-border trade worth billions using cryptocurrencies. Despite this, Aksakov emphasized the need to restrict the usage of crypto as a settlement tool only to select organizations. He mentioned plans for new crypto regulations and a list of authorized crypto participants to be finalized by November.
Russian Firms Want more crypto Freedom
Aksakov, the driving force behind Russia's crypto regulatory framework, stated that the Ministry of Finance and the Central Bank are in the process of defining the participants in a new sandbox that will permit the use of crypto for international payment settlements.
Firms included in this sandbox will have the opportunity to leverage crypto for payment in global trade. Aksakov outlined the imminent rollout of new cryptocurrency trading regulations and the identification of authorized participants before the end of the year.
The focus seems to be on crypto exchanges, which currently operate without regulation in Russia. Previously considering a ban on exchanges, the Central Bank now aims to normalize crypto mining activities within the country. Russian businesses face challenges with international trade due to Western sanctions.
crypto-skeptic Governor of the Russian Central Bank, speaking in the State Duma.">While some firms are already utilizing crypto for trade, others await approval from Moscow. The question remains on handling accumulated coins—should they be converted to fiat and through which platform. Initial suggestions hinted at using the Saint Petersburg Currency Exchange and the Moscow Exchange but were later refuted.
Pilot Must Come Before Wider crypto Access, MP Insists
Aksakov stressed that the sandbox will operate under the Central Bank's oversight and serve as an experimental zone for testing crypto regulations. After successful trials, regulators will refine their oversight approach before gradually expanding the pool of participants and trading platforms authorized to deal with crypto.
The Ministry of Finance and the Central Bank plan to engage in discussions with industry stakeholders soon and explore the role of stablecoins in international settlements. Fiat-pegged stablecoins are seen as potentially advantageous in cross-border transactions compared to traditional payment methods.
Aksakov has acknowledged existing crypto usage by Russian firms in cross-border trade and hinted at permitting these activities until the sandbox is fully operational. The government aims to regulate crypto usage better through pilot programs and eventual expansion of crypto market participation and trading platforms.
