Russia plans to launch a ‘national crypto exchange’

Russian lawmakers are working on amendments to launch domestic crypto exchanges. The effort is reportedly backed by both the Ministry of Finance and the Central Bank of Russia, which have long had disagreements over crypto regulation in Russia.

As local media reported on Nov. 23, members of the Duma, the lower house of the Russian parliament, are discussing amendments to the country’s existing cryptocurrency law “On Digital Financial Assets” with market stakeholders. The proposed amendments defining the legal framework for domestic exchanges will first be submitted to the Central Bank.

Sergei Altkhov, a member of the Duma’s Economic Policy Committee, underscored the financial sensitivity of such measures:

“It makes no sense to deny the existence of cryptocurrencies. The problem is that cryptocurrencies are circulating in large quantities outside of state regulation. These are billions of rubles of tax revenue lost to the federal budget. .”

In June, the chairman of the Duma’s Financial Markets Committee, Anatoly Aksakov, could launch Russia’s national crypto exchange as part of the Moscow Exchange, a “respectable institution with a long tradition.” I suggested. In September, the Moscow Exchange drafted a bill on behalf of the central bank allowing the trading of digital financial assets.

Related: Russia’s Central Bank Report Examines Crypto’s Place In Financial System

Earlier this month, a bill was presented to the Duma to legalize cryptocurrency mining and the sale of mined cryptocurrencies. The bill would form a Russian platform for cryptocurrency sales, but would also allow local miners to use foreign platforms. In the latter case, Russian currency controls and regulations do not apply to the transaction, but it must be reported to the Russian tax authorities.