Moscow Exchange Clarifies Bitcoin Trading Plans After Conflicting Reports
Moscow Exchange has clarified its cryptocurrency trading plans. This follows “some incorrect reporting that said that Moscow Exchange does not plan to launch bitcoin trading,” according to a representative of the exchange. Also read: Moscow Exchange Prepares to Trade Cryptocurrency Moscow Exchange’s Clarification Moscow Exchange, the largest exchange group in Russia, has clarified its plans to launch […]
Moscow Exchange has clarified its cryptocurrency trading plans. This follows “some incorrect reporting that said that Moscow Exchange does not plan to launch bitcoin trading,” according to a representative of the exchange.
Moscow Exchange’s Clarification
Moscow Exchange, the largest exchange group in Russia, has clarified its plans to launch bitcoin trading. Andrey Braginskiy, the exchange’s managing director of Communications, sent an email to an undisclosed number of news outlets on Friday stating that:
I wanted to clarify Moscow Exchange’s position on the issue of trading crypto assets and related products. There was some incorrect reporting that said that Moscow Exchange does not plan to launch bitcoin trading. This isn’t right.
The exchange’s clarification came one day after an article was published with the headline “Moscow Exchange: No Plans to Launch Bitcoin Trading.”
“On the contrary, this is a very new, and very exciting area and we are looking at it extremely closely,” Braginskiy continued. “While it is too early to confirm specific plans today, we are considering all options.”
Following the exchange’s email, the publication promptly modified the content of its article as well as changed the headline to “No, Moscow Exchange Hasn’t Launched Bitcoin or Crypto Trading – Yet.”
Cryptocurrency Derivatives Could Be First
Braginskiy explained that the exchange is preparing to support the trading of any financial products with sufficient demand as well as the corresponding legal framework and investor protections. “This could certainly include cryptocurrencies themselves, as well as cryptocurrency derivatives, cryptocurrency ETFs, etc.,” he wrote, which confirmed news.Bitcoin.com’s reporting on Tuesday.
In addition, he revealed:
From both regulatory and technical standpoints, potentially it could be faster and easier to start with trading in cryptocurrency derivatives.
While there is not yet a definite plan, the exchange is “already working on creating the infrastructure to support such trading,” Braginskiy elaborated. “Specifically, National Settlement Depository, which is part of Moscow Exchange Group, is looking to develop a platform to securely host and store crypto assets and settle transactions.”
Regulatory Framework Needed
For Moscow Exchange to launch cryptocurrency trading, a regulatory framework is needed, according to Braginskiy. Earlier this week, Deputy Finance Minister Alexei Moiseev proposed treating bitcoin and other cryptocurrencies as financial assets, to be listed on stock exchanges and restricted to only qualified investors.
While citing that the regulatory issue is still being discussed among relevant government bodies, Braginskiy said “but as you will have seen, this is an issue that is being discussed very actively, and discussions are moving quickly,” adding that:
The Russian State Duma has confirmed that it will be discussing legislative aspects of cryptocurrencies and trading during the parliamentary session this autumn.
What do you think of Moscow Exchange’s plans for bitcoin trading? Let us know in the comments section below.
Images courtesy of Twitter and Shutterstock
Need to calculate your bitcoin holdings? Check our tools section.