Russia is set to launch two new crypto exchanges, one in St. Petersburg and another in Moscow, with a focus on stablecoin development.

As sanctions continue to impact Russia‘s financial sector, the country is now planning to establish at least two domestic crypto exchanges, with one potentially utilizing the infrastructure of the St. Petersburg International Mercantile Exchange and the other to be set up in Moscow, though its exact framework remains undecided, Russia’s newspaper Kommersant reports, citing sources familiar with the matter.

The Moscow-based crypto exchange could either integrate with the stock Moscow exchange or operate under a new experimental legal regime. The primary goal for these exchanges, however, is not to facilitate crypto trading, but rather to develop stablecoins, including those pegged to the Chinese yuan and a basket of BRICS currencies.

Thus far, the cryptocurrency industry in Russia is regulated by a local bill “On Digital Financial Assets,” which provides a framework for digital financial assets but lacks specific guidelines for crypto exchanges. As a result, the new exchanges will initially operate as a pilot under the experimental legal regime, an official said.

Once approved, the exchanges are expected to launch with a limited user base before gradually expanding to include major exporters, importers, and affiliated businesses, people familiar with the plans say.

Russia advances crypto exchanges amid regulatory talks

The establishment of crypto exchanges aligns with ongoing discussions between Russia’s Finance Ministry and the country’s central bank. Finance Minister Anton Siluanov confirmed that while negotiations are progressing, no final decisions have been made.

The development follows a recent legislative move by President Vladimir Putin, who signed a law in early August legalizing crypto mining in a bid to create a legal framework for the issuance and circulation of cryptocurrencies.

In July, crypto.news reported that Russian lawmakers are exploring the introduction of gold-backed tokenized assets, directly managed by the central bank, as a solution for persistent cross-border payment challenges.

Ongoing discussions, involving senior officials and key banking figures, indicate that Russia is exploring this approach as a means to provide businesses with a stable mechanism for international transactions. However, this initiative has not yet progressed to the development stage at the state level.