Cryptocurrency trading potentially coming to Moscow Stock Exchange

The Russian state-run news agency Tass reported that the the head of the State Duma’s Financial Market Committee Anatoly Aksakov stated in an interview that the Moscow Stock Exchange may be permitted to trade cryptocurrencies.

“We have the St. Petersburg International Commodity Exchange, the Moscow Stock Exchange, the RTS, but they actually act as a non-profit partnership. Although they are also ready to participate in this process, and there are specialists in stock exchange operations there. I suppose that, the Central Bank is now considering the Moscow Stock Exchange, perhaps also the St. Petersburg Commodity Exchange for this purpose. But now there is a stronger urge to work with the Moscow Stock Exchange,” Aksakov said.

In the past Russia has been somewhat unfriendly towards cryptocurrency with rumors of the government banning it. Putin has expressed concern that it could be used for money laundering and suggested that it should not be officially legalized until the government could monitor it in some way. One large bank in Russia, however, believes that while it is a dangerous investment, the technology could prove to have great future value, Tass reported.

Allowing cryptocurrency on the Moscow Stock Exchange may give the Russian government confidence that they can enforce regulation. Whether regulations turn out to be overbearing for Russian investors remains to be seen.