Russia Inches Closer to Launching a National Crypto Exchange (Report)

A “national crypto exchange in Russia” could see the light of day if the Finance Ministry and the central bank give their “yes.”

The lower chamber of Russia’s parliament – State Duma – has reportedly started working on a draft bill that could aid the creation of a “national crypto exchange.” The platform needs the approval of the country’s central bank and the Ministry of Finance. The Bank of Russia has previously shown its negative stance on the digital asset industry., the State Duma plans to make certain amendments to the existing legislation “On digital financial assets” that could help with the establishment of a “national crypto exchange in Russia.” The lawmakers have already discussed the initiative with market participants in the middle of November.

Sergey Altuhov – a member of State Duma’s Committee of Economic Policy – confirmed the rumors and suggested that the largest country by landmass should embrace the digital asset sector. However, the industry’s main issue is the lack of appropriate rules, he added: “It makes no sense to deny the existence of cryptocurrencies, the problem is they circulate in a large stream outside of state regulation. These are billions of tax rubles of lost tax revenues to the federal budget. “in June that Russia could introduce a crypto platform based on the Moscow Exchange standards. He also opined that such a trading venue should only exist if the central bank carefully monitors it.

Source: News Formal (newsformal.com)

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