SPB Exchange to launch cryptocurrency trading after legalization

In the event of Russia enacting the relevant laws, “SPB Exchange” is ready to launch trading in Bitcoin and other cryptocurrencies, said the platform’s head, Roman Goryunov, at a NAUFOR conference. This was reported by «ТАСС».

“The world of cryptocurrency will eventually merge with the world of traditional financial instruments. … When cryptocurrency is allowed in Russia, we will be the first to trade it,” he emphasised.

The exchange chief noted that in 2017 the company had already attempted to launch a trading platform for digital assets.

In his view, it is better for “10 million investors” to interact with Russian infrastructure rather than with a foreign company that provides “educational services” on the local market.

Since January 2021, Russia has had the Law on Digital Financial Assets, developed by the Bank of Russia. It provides for a ban on paying for goods and services with cryptocurrencies. At the same time, the document recognises such financial instruments as property.

Speaking about the new legislation, lawyers agreed that it’s easier to abandon Bitcoin than to operate under such rules.

The 2022 sanctions did not soften the regulator’s stance. The Bank of Russia continues to advocate a total ban on the circulation and mining of cryptocurrencies.

The central bank also presented its own regulation proposals and sent them to the Ministry of Finance. They envisage a complete ban on Bitcoin and fines of up to 1 million rubles for its use.

The Bank of Russia added ‘SBP Exchange’ to the register of operators of information systems issuing digital financial assets.