Moscow Exchange aims to offer cryptocurrency trading

English Aug 23, 2022

Russia's largest financial market, the Moscow Exchange, plans to launch a product based on digital financial assets by the end of the year. The trading platform is already working with a partner to arrange the placement of digital tokens.

The announcement came at a difficult time for Russia's main stock market, when it has had to deal with market volatility, pressure from sanctions and hacking attacks.

MOEX has been working with its partners to carry out a project to offer digital tokens, this digitization of commodities creates added value for market participants. The Moscow Exchange aims to use DFAs to offer its clients another investment tool that offers a fundamentally new way of ensuring information security.

The director of the Exchange stated that the main difficulty in terms of implementation is that it is a completely new product for the market, in addition to regulatory bureaucracy and software adaptation. Another challenge is its integration into the exchange's existing systems and those of its customers.

Russia has been showing great openness to crypto assets. Earlier last month, the head of the Financial Market Committee of the lower house of parliament stated that a Russian digital asset exchange would be in the best position to process cryptocurrency transactions in the country. A few months ago, a senior member of the Russian government declared that the country would be willing to receive bitcoin for the purchase of its commodities. Furthermore, Vladimir Putin himself has signaled that he supports Bitcoin mining, emphasizing that the country has competitive advantages such as cold weather and low-cost electricity.

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Morel Hernandes

Writer passionate about politics, economics, blockchain and crypto-currencies.