Russia Considers Offshore Cryptocurrency Trading Platforms

Russia Considers Offshore Cryptocurrency Trading Platforms

Russia’s ministry of finance is proposing to create special offshore cryptocurrency trading platforms with cities of Vladivostok and Kaliningrad considered as possible locations, deputy minister Alexei Moiseev said Friday.

“In general, we are considering the possibility of setting up centralized [cryptocurrencies] trade platforms on Russky Island [in Vladivostok], Oktyabrsky Island [in Kaliningrad]. But, of course, we believe that it is necessary to allow such exchanges in Russia,” Moiseev told reporters.

Last December, Alexei Moiseev stated that the Finance Ministry “supports the legalization of trade in cryptocurrencies on official exchanges.”

The ministry’s initiative comes after a bill on digital assets regulation, which, among other things, defines cryptocurrencies, tokens, mining, and ICO’s, was introduced last month.

Earlier, Russia’s Cryptocurrency and Blockchain Association said the proposals on creating and regulating a national cryptocurrency will be officially presented in July 2018, while a full-fledge launch would take a year after that.

The development of regulatory documents for the so called “crypto ruble” is carried out by the country’s Central Bank, the Ministry of Communications, the Ministry of Economic Development, the Ministry of Finance, and the Presidential Administration.