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Russia Plans To Establish “National Cryptocurrency Exchange”

Lawmakers in Russia are now drafting measures in order to establish a national cryptocurrency exchange. According to reports, this initiative has the backing of both the Ministry of Finance and the Central Bank of Russia, two institutions that have a long history of clashing with one another over the regulation of cryptocurrencies in the country.

Local media on November 23 stated that members of the lower house of the Russian parliament, the Duma, had been in conversations with industry players about proposing revisions to the country’s current cryptocurrency law, titled “On digital financial assets.” The changes, which will first be brought to the attention of the central bank, will set up a legal foundation for a national exchange.

Anatoly Aksakov, the chairman of the Duma’s Committee on Financial Market, stated in June that a national cryptocurrency exchange in Russia may be formed as part of the Moscow Exchange, which he described as “a credible institution with historical traditions.” In September, the Moscow Exchange developed a bill on behalf of the central bank to enable trading in digital financial assets. This law is intended to facilitate trading in digital financial assets.

In the beginning of this month, a measure was presented to the Duma that would allow the mining of cryptocurrencies as well as the selling of the cryptocurrencies that were mined. The legislation would establish a Russian platform for the trade of cryptocurrencies; but, local miners would also be permitted to utilize platforms based in other countries. In the second scenario, Russian currency rules and laws would not apply to transactions; however, the Russian tax office would still need to be notified of the transactions.

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Reporter
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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