Moscow Exchange plans to open cryptocurrency trading from December 1
In short
Moscow Exchange plans to offer trading in cryptocurrencies from December 1 and is testing operations with professional market participants, Boris Blokhin (Борис Блохин), its senior managing director for sales and business development, told reporters, Interfax reported. The exchange will use a partner settlement digital depository where market participants will open accounts. Interfax reported that non-qualified investors will be able to buy only Bitcoin, Ethereum and Tether USDT, within 300,000 roubles a year through one intermediary.
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Moscow Exchange plans to offer trading in cryptocurrencies from December 1, TASS, Interfax and RBC reported on October 8. Boris Blokhin (Борис Блохин), the exchange's senior managing director for sales and business development, told reporters on the sidelines of the SberInvestitsii (СберИнвестиции) forum that the exchange is testing operations with professional market participants, Interfax reported. "We have active testing under way. We started a week ago," he said. RBC reported that the exchange will launch trading on December 1 and that organised circulation of cryptocurrencies in Russia will begin in December. [ 1 , 2 , 3 ]
According to Interfax, the exchange will use a partner settlement digital depository at which market participants will open accounts. Blokhin said Moscow Exchange will not need any additional permits or licences to launch trading. [ 2 ]
The law "On digital currencies and digital rights" took effect in Russia on September 1; Interfax described it as creating comprehensive regulation of cryptocurrency circulation in the country. Operations with cryptocurrencies will be possible through existing infrastructure, namely exchanges, brokers and trust managers, and new participants will appear: crypto exchangers, where cryptocurrency can be bought and sold, and digital depositories, which will record rights to such assets, Interfax reported. [ 2 ]
Non-qualified investors will be able to buy only Bitcoin, Ethereum and Tether USDT, within a limit of 300,000 roubles a year through one intermediary, while qualified investors will be able to buy all cryptocurrencies traded on exchange and over-the-counter markets with no limit on amount, Interfax reported. RBC reported that bitcoin, Ethereum and the USDT stablecoin fall under the requirements of the new law. [ 2 , 3 ]
Why it matters
RBC reported that organised circulation of cryptocurrencies in Russia will begin in December with the launch of trading on Moscow Exchange. Interfax noted that Russia's law "On digital currencies and digital rights" took effect on September 1 and allows cryptocurrency operations through existing infrastructure such as exchanges, brokers and trust managers.
Key facts
- Moscow Exchange plans to offer cryptocurrency trading from December 1. [ 1 , 2 , 3 ]
- The exchange is testing operations with professional market participants; Boris Blokhin said testing started a week ago. [ 2 ]
- The exchange will use a partner settlement digital depository at which market participants will open accounts. [ 2 ]
- Blokhin said the exchange will not need any additional permits or licences to launch trading. [ 2 ]
- Russia's law "On digital currencies and digital rights" took effect on September 1. [ 2 ]
- Non-qualified investors will be able to buy only Bitcoin, Ethereum and Tether USDT, within 300,000 roubles a year through one intermediary. [ 2 ]
- Qualified investors will be able to buy all cryptocurrencies traded on exchange and over-the-counter markets, with no limit on amount. [ 2 ]
Confirmed by several sources
Still unclear
- Which partner settlement digital depository the exchange will use. Interfax reports the exchange will use a partner depository but does not name it.
- How firm the December 1 start date is. TASS and Interfax describe it as a plan, while RBC reports that the exchange will launch trading on December 1.
- That no additional permits or licences are needed to launch trading. Single-source claim: Blokhin's statement as reported by Interfax.