Russia considers launching trading platforms for stablecoins on domestic stock exchanges: report

Russia is set to open two new cryptocurrency exchanges in St. Petersburg and Moscow, with the focus on stablecoin development.

With sanctions continuing to affect Russia’s financial sector, the country is currently planning to set up at least two local cryptocurrency exchanges. One is planned to use the infrastructure of the St. Petersburg International Commodity Exchange, while the other is planned to be located in Moscow. However, the exact nature of the exchange is not yet clear. This information is reported by the Russian newspaper Kommersant, citing sources familiar with the matter.

The Moscow-based crypto exchange could integrate with the Moscow exchange or operate under a new experimental legal regime. However, the primary goal of these exchanges is not to facilitate crypto trading but to develop stablecoins, including those pegged to the Chinese yuan and a basket of BRICS currencies.

So far, the cryptocurrency industry in Russia has been regulated by a local bill, “On Digital Financial Assets,” which provides a framework for digital financial assets but lacks specific guidelines for crypto exchanges. As a result, new exchanges will initially operate as a pilot under an experimental legal regime, an official said.

Once approved, the exchanges are expected to launch with a limited user base and then gradually expand to include large exporters, importers and affiliated businesses, people familiar with the plans said.

Russia pushes ahead with cryptocurrency exchanges amid regulatory talks

The establishment of cryptocurrency exchanges coincides with ongoing talks between the Russian Ministry of Finance and the country’s central bank. Finance Minister Anton Siluanov confirmed that negotiations are ongoing but no final decision has been made yet.

This development comes after the latest legislative move by President Vladimir Putin, who signed a law legalizing crypto mining in early August with the aim of creating a legal framework for the issuance and circulation of cryptocurrencies.

In July, crypto.news reported that Russian lawmakers were examining the introduction of gold-backed tokenized assets directly managed by the central bank as a solution to difficulties in cross-border payments.

Ongoing discussions involving senior officials and key banking figures suggest that Russia is exploring this approach as a way to provide businesses with a stable mechanism for international transactions, but the initiative has yet to progress to state-level development.