Update
Moscow Exchange to Launch Bitcoin Trading
The Moscow Exchange, Russia's largest exchange, plans to allow clients to trade cryptocurrencies starting in December. The exchange will work with a partner settlement digital depository, where market participants will open accounts. This follows Russia's law on digital currencies and digital rights, which took effect in September and sets comprehensive rules for crypto in the country. Trades can run through existing infrastructure such as exchanges, brokers, and trust managers. The plan includes new players like crypto exchangers and digital depositories, which will record ownership of assets. The Moscow Exchange's move comes after Russia's largest bank, Sberbank, was approved to custody bitcoin and facilitate the transfer of digital currency records and assets, including bitcoin and other smaller cryptocurrencies. Despite President Putin's initial praise for Bitcoin, Russia has maintained strict regulations on its use, including making it illegal to use crypto as a form of payment since 2022. The new trading facility aims to expand the use of cryptocurrencies in the Russian market.