Main Takeaways:
According to an Interfax update on April 24, the Russian Ministry of Finance and Central Bank plan to announce a cryptocurrency exchange for high-net-worth people over the next six months.
This project could improve crypto legalities and market clarity in Russia’s international trade industries, impacting rich investors except for domestic transfers.
The Russian government department and Central Bank are developing a government-supported cryptocurrency platform created for rich investors. The project goal is to approve cryptocurrency dealings as part of the experimental process. Eligible users must satisfy major financial requirements.
The exchange aims at international trade, not local transactions. It aims to improve market openness and follow the rules by bringing large crypto activities under government control and reducing unregulated trading.
Despite its importance, there are no public declarations from key government officials or crypto sector leaders about this announcement. There have been no significant responses from the global crypto community. The lack of wider discussion suggests there may be confusion or curiosity about such a big regulatory change.
According to the reports of CoinMarketCap, Bitcoin (BTC) is presently trading at $92,930.80, having a market value of $1.85 trillion. It holds a 63.55% market control. The 24-hour transaction volume is $37.13 billion, indicating a -32.13% shift, together with price fluctuations across different timeframes.
The Coincu research team believes that if the Russian crypto exchange can successfully control trading by wealthy investors, it could help make the market more stable. This approach might be used as a model for other countries, providing steady legal rules for the unpredictable crypto market.
The deputy director of the Finance Ministry’s financial policy department, Osman Kabaloev, said that changes could still be made after discussions with interested parties.
Investors who fail to meet these requirements may maintain access to cryptocurrency holdings. However, they can only do this through crypto-related derivatives, which do not require owning the actual coins. These products allow regular, qualified investors to profit from crypto price changes without holding the tokens themselves.
Trading platforms are preparing for this change. In March, the Moscow Exchange said it is ready to roll out crypto-related derivatives when regulators give their approval. The exchange targets to launch the presentation in 2025. SPB Exchange disclosed alike strategies. It plans to offer products connected to crypto prices to more investors after the rules are ready.
Read also:- SHIB Price Predication – 17x Rally Predicted from Current Levels
Disclaimer: We at Bitcoinik.com present you with the latest information in the crypto market. However, this information should not be regarded as financial advice and viewers should consult their financial advisors before investing.
TL;DR: Create anything, even NSFW art, with a lifetime subscription to Imagiyo for only £21.98. Digital…
Ripple is making a serious move into traditional finance. The company behind XRP has applied…
Hydrow rowing machines transformed the at-home fitness market when they launched in 2017. With their…
North Korean developers, operating as fake freelancers, have reportedly amassed over $16.5 million this year…
The BlackRock iShares Bitcoin Trust (IBIT) has achieved a remarkable milestone by generating more annual…
Subtitle: RLUSD integration enhances transaction efficiency and multichain access across Imagen's AI-powered social ecosystem.…