A major Russian stock exchange has denied reports about the imminent launch of a state-run crypto trading platform. Speculation arose earlier this week, suggesting that the Saint Petersburg and Moscow exchanges were ready to introduce crypto exchange services. However, the Saint Petersburg Currency Exchange (SPVB) swiftly responded, refuting these claims and affirming that it has no intentions of offering any services related to cryptocurrencies.
crypto-plans">Russian Stock Exchange: We Have No crypto Plans
The SPVB clarified that it was addressing misinformation circulating in various media outlets. The exchange emphasized that its strategic focus lies in the development of products and services pertaining to the money and stock markets, completely omitting any involvement with cryptocurrencies.
“The reports that appeared in a number of media outlets that the St. Petersburg Currency Exchange plans to become one of the platforms for trading crypto assets are not true. Our approved development strategy is focused on developing our own products and services in the money and stock markets. They do not involve the provision of any services related to cryptocurrencies.”
Saint Petersburg Currency Exchange
Despite the SPVB's denial, the buzz surrounding the prospect of a state-run crypto exchange persists. Key Moscow officials have been advocating for the launch of such an exchange in recent weeks.
With laws set to legalize industrial crypto mining and permit the use of crypto in international trade from September 1, the SPBV is also seeking to recruit a new head of anti-money laundering operations with expertise in the crypto domain. The exchange posted a vacancy on the Headhunter (HH) recruiting site, outlining responsibilities related to developing AML/CFT rules for transactions involving digital financial assets and cryptocurrencies.
crypto-exchange">Alternatives for a ‘National crypto Exchange’
If the plans for national crypto exchanges in Moscow and St. Petersburg fall through, alternative regions are ready to step up. Yakov Tenilin, the founder of the crypto project crypto-Polygon, revealed that the Republic of Tatarstan’s IT Park has already developed a digital platform for a national crypto exchange, supported by Tatarstan’s Ministry of Digital Development of Public Administration, Information Technology, and Communications.
Tenilin stated that the exchange, tentatively named the “Tatarstan National crypto Exchange,” is poised to begin operations promptly to oversee cryptocurrency inflows and outflows to and from Russia. The exchange aims to enhance transparency by regulating the conversion of cryptocurrency into fiat rubles, thereby facilitating tax compliance.
Additionally, discussions are underway within the Tatarstan government regarding the establishment of a “regional crypto mining operator.” This operator would enable large industrial companies in Tatarstan to conduct cross-border cryptocurrency payments.
Amidst reports of plans to launch stablecoins pegged to the Chinese yuan and other BRICS nations’ fiats, the Russian finance ministry is actively pursuing the launch of a state crypto exchange. Collaborations between miners, senior banking officials, and government representatives are progressing as stakeholders seek solutions to drive the digital asset industry forward.
