Moscow Exchange To Become a Cryptocurrency Exchange

  • MOEX is imposing a bill to make it a crypto exchange.
  • The measure lies in the hands of the Central Bank.
  • Twitter users have criticized the move by the Moscow Exchange.

The largest stock market, the Moscow Stock Exchange (MOEX), has agreed to draft legislation allowing it to function as a cryptocurrency exchange. This is brought to us by an update from the Bitcoin Archive. The demand for cryptocurrencies grows day by day, and various governments, notably Russia, are seeking measures to satisfy it.

The measure by the Moscow exchange is presently in the hands of the Central Bank, which will decide whether or not Moscow residents will be able to enjoy the two types of crypto offers.

According to the Exchange’s Chairman of the Supervisory Board, Sergey Shvetsov, the measure would allow for the issue of a receipt for crypto assets. Individuals who are not comfortable with the custodial risks associated with a distributed registry might utilize and trade these receipts like securities.

The second offering would be the direct distribution of cryptocurrency assets, according to Shvetsov, who indicated that MOEX will apply to authorities for the position of exchange operator, removing the requirement for a third-party operator.

We want the market to make its own choice, blockchain accounting or depository accounting, and if the law is adopted, then Russian depositories will be able to accumulate DFA on their accounts in the blockchain – as soon as the client needs the underlying asset, he will repay the receipt and receive the asset on his account in the blockchain.

Sergey Shvetsov

According to Shvetsov, a lack of familiarity is a barrier to distributed ledger technology in Russia. “When you don’t know who to contact and who to sue,” he explained, “many people don’t want to participate,” but “it’s a blank sheet that we can draw anything we want on, based on the demands of the economy and investors.”
Several replies have however been directed to the exchange following the move that is on the verge of materializing. A Twitter user has started to be worried about the life of Bitcoin. In case Russia plans to use it to evade sanctions which is not the mission of bitcoin, this would definitely send bitcoin below $10k according to him.

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Godfrey Mwirigi is an enthusiastic crypto writer with an interest in Bitcoin, blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience in their day-to-day endeavors.

programmer & freelance writer