Russia wants to launch national crypto exchange to control digital assets

As the cryptocurrency industry expands, authorities and organizations around the world are showing increasing interest, with Russia going a step further and announcing the launch of a national crypto trading platform that would bring the asset class under government oversight.

In fact, the lower house of the Federal Assembly of Russia, also known as the State Duma, has started working on the regulations for the creation of an official Russian crypto exchange, the local news agency Vedomosti reported on 23.11.

Specifically, the regulations that the Duma deputies are developing relate to a draft amendment, which will be preceded by the preparation of a document taking into account the market situation, after which it will be submitted to the government and the Bank of Russia for discussion.

Before the announcement, the Duma deputies held talks with market participants about the changes necessary for the “Digital Financial Assets” law, at which the representatives of the Ministry of Finance and the Central Bank of Russia were not present.

Put crypto under government regulation

Commenting on the development, a member of the Economic Policy Committee Sergey Altukhov said:

“It makes no sense to say that cryptocurrencies don’t exist, but the problem is that they circulate in a large flow outside of government regulation. That’s billions of rubles in lost budget revenue in the form of taxes.”

According to him, it is necessary to create conditions that allow legalization of digital currencies and adjustment of the “rules of the game” within the national legal framework that does not contradict the positions of the government and the central bank.

In early June, Anatoly Aksakov, the chairman of the Duma Committee on Financial Markets, hinted at the possibility of launching a Russian national crypto trading platform as part of the Moscow Exchange, which he described as “a respectable organization with long traditions.”

It’s also worth noting that in September, Finbold reported that the Bank of Russia, in cooperation with the Ministry of Finance, was working on a draft law that would regulate crypto mining, with a focus on high-energy areas where the activity would be permitted will.

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