Several major Russian banks have expressed their strong interest in working with the cryptocurrency and blockchain industries during a closed meeting held on the Moscow Stock Exchange, sources told Russia's RBC news site Sept. 19.

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"Today Luxembourg is one of the most advanced financial centers in Europe because of its stable political background and strong legal support for the financial sector. The financial ecosystem that was developed allows the state government to stimulate innovation in the financial sector. To strengthen Luxembourg's leading position as a leading financial center, we intend to further develop regulations and infrastructure for financial entrepreneurship, "Frieden said.

As an unnamed source familiar with the matter told RBC, the demand for cryptocurrency in Russia was very high, but the bank could not fulfill it because of the lack of clear regulations.

Therefore, representatives from large Russian banks present at the meeting spoke with regulators from Japan, Luxembourg and Singapore to adjust their experience to local realities. In addition, lobby groups have been formed with the aim of approaching the Russian government with advice on how to regulate crypto in the country.

As the RBC correspondent has studied, an executive from Russia's unnamed "big" bank has proposed to make an alternative bill on digital assets that would be "very different" from what is currently proposed by the government.

According to the RBC report, a private roundtable was held by lobby groups which included Russia's largest bank Sberbank, Alfa-Bank, VTB, and others.

The lobby group has also discussed regulatory issues with global experts, such as officials from Japan's Bitflyer crypto exchange, the NEM blockchain platform in Singapore, and Litecoin cryecocurrency. Former Luxembourg Finance Minister Luc Frieden also took part in the meeting, explaining how his country has managed to establish a legal framework for crypto currency and become one of the leading financial centers.

This is not the first meeting of the crypto lobby group held at the Moscow Stock Exchange. The first, also dedicated to Russia's digital asset regulations, took place in June.

the draft law "About Digital Financial Assets," proposed by the Russian Ministry of Finance, has passed the first of a total of three readings in the State Duma in May. However, a group of high-ranking Russian managers considered it "unfinished and fragmented."

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