A major Russian stock exchange, the Saint Petersburg Currency Exchange (SPVB), recently denied reports that it is on the verge of launching a state-run cryptocurrency trading platform. Earlier in the week, unnamed insiders reportedly told major Russian news outlets that both the Saint Petersburg and Moscow exchanges were ready to roll out crypto exchange services. However, in a statement on its website, the SPVB clarified that it does not have any plans to provide services related to cryptocurrencies, stating that their approved development strategy focuses on money and stock market services only. Despite this denial, senior Moscow politicians have been discussing the idea of launching a state-run crypto exchange in recent weeks.
The approval of new laws in Russia that will legalize industrial crypto mining and the use of crypto assets in international trade from September 1 has spurred interest in state-run crypto exchanges. The SPBV is currently seeking a new head of anti-money laundering operations with expertise in cryptocurrencies, posting a vacancy on the Headhunter (HH) recruiting site. Meanwhile, if plans to launch national crypto exchanges in Moscow and St. Petersburg do not come to fruition, other regions like the Republic of Tatarstan are expressing interest in stepping in. The Tatarstan-based entity, supported by the Ministry of Digital Development, has reportedly created a digital platform for a national crypto exchange, tentatively named the “Tatarstan National Crypto Exchange.”
According to Yakov Tenilin, founder of the crypto project Crypto-Polygon, the Republic of Tatarstan’s IT Park has developed this platform and is prepared to start operations at any moment. He emphasized that in Russia, cryptocurrency is not considered a means of payment according to recent legislation, so controlling the inflow and outflow of cryptocurrency is essential. The launch of a national crypto exchange in Tatarstan aims to improve transparency and taxation of crypto transactions. Additionally, there are discussions within the Tatarstan government about launching a regional crypto mining operator to facilitate cross-border cryptocurrency payments for large industrial companies based in the region.
The Russian finance ministry has expressed a strong interest in establishing a state-run crypto exchange, with participation from miners and senior banking officials in ongoing talks with the government. Reports also suggested that some Russian stock exchanges were planning to introduce stablecoins pegged to the Chinese yuan and other BRICS nations’ fiat currencies. The developments in the Russian cryptocurrency sector are indicative of a growing interest in utilizing digital assets for various financial and trading purposes. Despite recent controversies surrounding Telegram’s founder Pavel Durov, the TON community remains operational and committed to the principles of freedom of speech and decentralization.
