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

Please fol­low and like us:
Pin Share

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.

Russia’s Potential Crypto Move

Accord­ing to a recent local report, 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. “

Ana­toly Aksakov – an exec­u­tive at the State Duma – hint­ed 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.

“And this divi­sion, which will work with­in the frame­work of a respect­ed orga­ni­za­tion with great tra­di­tions, accus­tomed to active­ly inter­act­ing with the cen­tral bank, in my opin­ion, will best of all cope with the task of car­ry­ing out oper­a­tions with cryptocurrency.”

As Cryp­toPota­to report­ed in Sep­tem­ber, the Moscow Exchange draft­ed a bill on behalf of the Bank of Rus­sia that could allow the trad­ing of dig­i­tal finan­cial assets (DFAs).

The ‘National Crypto Exchange’ Needs an Approval 

The cov­er­age fur­ther revealed that rep­re­sen­ta­tives from the Min­istry of Finance and the cen­tral bank did not par­tic­i­pate in the meet­ing between the State Duma and mar­ket stakeholders. 

The low­er house of the par­lia­ment intends to pre­pare a doc­u­ment and address it to the enti­ties so they could be aware of the idea and con­sid­er their position.

The Finance Min­istry and the Bank of Rus­sia have to agree with the cre­ation of the plat­form so it could go live. The bank­ing insti­tu­tion has dis­played its neg­a­tive stance on the dig­i­tal asset indus­try numer­ous times and even urged the gov­ern­ment to enforce a total ban on all cryp­tocur­ren­cy endeav­ors on Russ­ian territory.

The Min­istry has not been that hos­tile, sug­gest­ing that impos­ing reg­u­la­tions is bet­ter than a Chi­nese-style prohibition. 

SPECIAL OFFER (Spon­sored)

Binance Free $100 (Exclu­sive): Use this link to reg­is­ter and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Spe­cial Offer: Use this link to reg­is­ter & enter POTATO50 code to receive up to $7,000 on your deposits.

Source link

Please fol­low and like us:
Pin Share

Leave a Reply

Your email address will not be published.