, Russia is planning to create at least two cryptocurrency exchanges, with one being based on the St. Petersburg Currency Exchange (SPBEX) for foreign economic activity. The other exchange is expected to be established in Moscow, though it is not yet decided whether it will be built on the Moscow Exchange (MOEX) infrastructure or developed separately within an experimental legal regime.
The focus of these exchanges will be on stablecoins, particularly those pegged to the Chinese yuan and a basket of BRICS currencies. Stablecoins are considered cryptocurrencies, which presents technological challenges within the Russian blockchain environment, as well as issues related to their convertibility, liquidity, and backing assets, according to Kommersant.
Currently, the legal framework governing cryptocurrencies in Russia is defined by several key regulations, including Federal Law No. 259-FZ “On Digital Financial Assets.”
However, this law does not provide specific guidelines for the operation of cryptocurrency exchanges. The only applicable regulation for potential cryptocurrency exchanges in Russia is the newly adopted experimental legal regime (ELR), according to Mikhail Uspensky, a member of the Expert Council on Cryptocurrency Legislation at the Russian State Duma.
Initially, access to the exchange will be limited to a select group of users, including major exporters and importers, with small and medium-sized businesses and individuals unlikely to be included in the first phase. The contours of the experiment are entirely at the discretion of the regulator.
Experts warn of significant risks associated with the project. The transparency of blockchain technology could lead to confidentiality breaches, resulting in the inclusion of transactions on sanctions lists and the blocking of crypto assets acquired on these domestic exchanges.
The centralized nature of these exchanges could undermine trust in the platform, particularly if information about transactions leaks into the public domain.
