10:20 - 23.08.2024

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August 23, Fineko/abc.az. Russia plans to create two crypto exchanges in Moscow and St. Petersburg to support foreign economic activity.

ABC.AZ reports that lawyers say they will operate under an experimental legal regime. Access to these platforms will likely be granted to large companies, but their functionality will be limited due to sanctions risks.

There are plans to create stablecoins pegged to the yuan and BRICS currencies, but this currently poses technological and legal challenges.

Cryptocurrencies in Russia are regulated by Law 259-FZ "On Digital Financial Assets," but clear regulations for crypto exchanges are still lacking. An experimental legal regime (ELR) will be used for the initial operation of the exchanges.

In the early stages, the exchanges will be accessible to a narrow circle of individuals, mainly large exporters and importers. Small and medium-sized businesses, as well as individuals, are unlikely to gain access immediately.

Experts warn of risks associated with possible sanctions and leakage of transaction information.