Aaryamann Shrivastava
FXStreet
The demand for crypto assets and related services is ever-increasing, and many countries are finding their own ways to meet that demand. Among them is Moscow Exchange (MOEX), which is also taking matters into its own hands to become the country’s very own cryptocurrency exchange.
According to a report by the daily newspaper Vedomosti, the MOEX has drafted a bill that will provide the exchange with the necessary powers to act as a crypto exchange. The bill is currently at the mercy of the Central Bank, which will decided whether or not the people of Moscow will enjoy the two forms of crypto offerings.
As stated by the Chairman of the Supervisory Board of the Exchange, Sergey Shvetsov, the bill will allow for the issuance of a receipt for crypto assets. These receipts can be used and traded as securities for individuals that are not comfortable with the custodial risks of associating with a distributed registry.
The second offering will be the direct release of cryptocurrency assets, as Shvetsov explained that MOEX would be appealing to the regulators to receive the status of an exchange operator and eliminate the need for a third-party operator.
Commenting on the same, Shvetsov explained,
“We want the market to make its own choice, blockchain accounting or depository accounting, and if the law is adopted, then Russian depositories will be able to accumulate DFA on their accounts in the blockchain – as soon as the client needs the underlying asset, he will repay the receipt and receive the asset on his account in the blockchain.”
Despite propagating the adoption of crypto through this bill, MOEX and other crypto services will maintain a centralized structure. The reason behind this given by Shvetsov is that people need to ensure that there is someone that can answer them should something go south. Shvetsov stated,
“When it is not clear who to call and who to sue, many do not want to participate in this.”
The bill, however, could take time to come to life as it is currently being reviewed by the Central Bank of Russia.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Bitcoin price has produced three consecutive lower lows since September 7, but at the same time, the Relative Strength Indicator (RSI) has shown a positive rise demonstrating a lack of underlying bearish power.
Ripple CEO Brad Garlinghouse's appearance on Fox Business coincided with the XRP price rally. XRP price yielded nearly 30% gains overnight, rising from the $0.39s to a high above $0.50 in a matter of hours.
Litecoin price (LTC) sees bulls being taken to the cleaners as an early rally gets cut short and turns completely negative.
Chainlink presents a strong bullish structure following support at $6.50. A v-shaped recovery pattern attracts immense volume as bulls eye $8.15.
Bitcoin price takes the first step to recovery but needs solid confirmation that will arrive after a flip of the $19,539 level into a support floor. After a successful flip, investors could expect a move up to an intermediate hurdle at $20,737.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer.
Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
Opinions expressed at FXStreet are those of the individual authors and do not necessarily represent the opinion of FXStreet or its management. FXStreet has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.Any opinions, news, research, analyses, prices or other information contained on this website, by FXStreet, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXStreet will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
