• Through this bill, the Moscow Exchange (MOEX) will allow depositories to issue receipts for digital financial assets (DFA).
  • The Central Bank is currently reviewing the bill drafted by the MOEX.
  • It is yet to be determined whether the crypto assets will be sold through brokers or directly to the final buyer.

The demand for crypto assets and related services is ever-increasing, and many countries are finding their own ways to meet that demand. Among them is Moscow Exchange (MOEX), which is also taking matters into its own hands to become the country’s very own cryptocurrency exchange.

Moscow Exchange to also become a Crypto Exchange

According to a report by the daily newspaper Vedomosti, the MOEX has drafted a bill that will provide the exchange with the necessary powers to act as a crypto exchange. The bill is currently at the mercy of the Central Bank, which will decided whether or not the people of Moscow will enjoy the two forms of crypto offerings. 

As stated by the Chairman of the Supervisory Board of the Exchange, Sergey Shvetsov, the bill will allow for the issuance of a receipt for crypto assets. These receipts can be used and traded as securities for individuals that are not comfortable with the custodial risks of associating with a distributed registry.

The second offering will be the direct release of cryptocurrency assets, as Shvetsov explained that MOEX would be appealing to the regulators to receive the status of an exchange operator and eliminate the need for a third-party operator.

Commenting on the same, Shvetsov explained, 

“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.”

Taking the centralized route

Despite propagating the adoption of crypto through this bill, MOEX and other crypto services will maintain a centralized structure. The reason behind this given by Shvetsov is that people need to ensure that there is someone that can answer them should something go south. Shvetsov stated,

“When it is not clear who to call and who to sue, many do not want to participate in this.”

The bill, however, could take time to come to life as it is currently being reviewed by the Central Bank of Russia.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch

Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch

Bitcoin price continues to edge down, trading below $95,000 on Friday after declining more than 9% this week. Bitcoin US spot ETFs recorded the highest single-day outflow on Thursday since their launch in January.

More Bitcoin News
Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers

Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers

Bitcoin (BTC) slipped under the $100,000 milestone and touched the $96,000 level briefly on Friday, a sharp decline that has also hit hard prices of other altcoins and particularly meme coins. 

More Bitcoin News
Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction

Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction

Solana (SOL) price trades in red below $194 on Friday after declining more than 13% this week. The recent downturn has led to $38 million in total liquidations, with over $33 million coming from long positions.

More Solana News
SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs

SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs

The SEC approved Hashdex's proposal for a crypto index ETF. The ETF currently features Bitcoin and Ethereum, with possible additions in the future. The agency also approved Franklin Templeton's amendment to its Cboe BZX for a crypto index ETF.

More Cryptocurrencies News
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy

Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy

Bitcoin (BTC) price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot Exchange Traded Funds (ETFs) in January and the reduced supply following the fourth halving event in April.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP