The St. Petersburg Stock Exchange in Russia has announced its readiness to adopt Bitcoin (BTC) and other cryptocurrencies, following the global development of the digital asset and cryptocurrency market. Inspired by the example set by Brazil’s B3 exchange, which already offers various cryptocurrency exchange-traded funds (ETFs) and plans to launch its own crypto platform once the Central Bank defines the sector’s regulations, the Russian exchange aims to integrate crypto assets as soon as digital asset operations are regulated in the country.
Roman Goryunov, the exchange’s director, expressed this stance in a statement to Tass news agency on October 12, highlighting the growing convergence between cryptocurrencies and traditional financial instruments. Goryunov noted that the St. Petersburg Stock Exchange had previously attempted to launch a cryptocurrency trading platform in 2017 and reiterated that this vision remains unchanged. He emphasized the importance of enabling up to 10 million investors to trade on Russian infrastructures instead of relying on foreign companies that offer such services in the Russian territory.
“The world of cryptocurrencies will one day merge with the world of traditional financial instruments,” declared Goryunov.
Russia has been making progress in regulating digital financial assets since 2021. The current legislation prohibits the use of cryptocurrencies as a means of payment for goods and services within the country. However, the government, under Vladimir Putin, has passed laws allowing investment in digital assets and the purchase of cryptocurrencies on authorized platforms and service providers. Additionally, a registry for cryptocurrency exchanges and operators has been established and will be supervised by the Bank of Russia. These measures aim to create a more regulated environment for digital asset trading in the country while preventing illicit activities related to cryptocurrencies.
The geopolitical landscape has also had an impact on Russia’s approach to cryptocurrencies. The ongoing conflict between Russia and Ukraine has led the government to adopt a more flexible stance towards Bitcoin and digital assets.