Russian stock exchange denies launching state-run crypto platform

The Saint Petersburg Currency Exchange (SPVB) has officially denied recent reports suggesting that it is about to launch a state-run cryptocurrency exchange.

According to cryptonews, earlier this week, unnamed insiders reportedly claimed that both the Saint Petersburg and Moscow exchanges were preparing to introduce crypto trading services.

In response, the SPVB issued a statement on its website, clarifying that it has no intentions to offer "any services related to cryptocurrencies."

The exchange emphasised that its current development strategy is focused solely on expanding its offerings within the money and stock markets, with no plans to delve into cryptocurrency services.

The SPVB was addressing multiple reports in the media that inaccurately suggested it was planning to become a platform for trading crypto assets.

Despite this denial, discussions about a state-run crypto exchange have been prominent among senior Moscow politicians in recent weeks, especially following the passage of new laws.

These laws, effective from September 1, will legalise industrial crypto mining in Russia and permit the use of cryptocurrency as a payment tool in international trade.

Although the SPBV refuted any immediate crypto-related plans, the exchange is actively seeking a new head of anti-money laundering (AML) operations with expertise in cryptocurrency.

The job posting on the Headhunter (HH) recruiting site indicates that the new hire would be responsible for developing AML/CFT (Anti-Money Laundering/Countering the Financing of Terrorism) rules for transactions involving digital financial assets and cryptocurrencies.

Should the plans for national crypto exchanges in Moscow and St. Petersburg not materialise, other regions in Russia are reportedly eager to step in.

The Republic of Tatarstan's IT Park, supported by the Ministry of Digital Development of Public Administration, Information Technology, and Communications, is already preparing a platform for a national crypto exchange.

Yakov Tenilin, the founder of the Crypto-Polygon project, claimed that this "Tatarstan National Crypto Exchange" is ready to start operating at any moment, enhancing transparency in cryptocurrency transactions.

Tenilin explained that the exchange would ensure that cryptocurrency conversions into fiat rubles are controlled, helping to clarify tax obligations.

Additionally, the Tatarstan government is reportedly considering launching a regional crypto mining operator, which would allow large industrial companies to conduct cross-border payments in cryptocurrency.

There have also been reports circulating about Russian stock exchanges planning to launch stablecoins pegged to the Chinese yuan and other BRICS nations' currencies, though these plans remain unconfirmed.