Tuesday, October 4, 2022
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Russia plans to regulate the local cryptocurrency market

According to the Russian news, leading exchanges have stated that they are unconcerned about the anticipated severe crypto rules. One of the recommendations in a regulatory roadmap created by the administration in Moscow is to force coin trading platforms to have a local office.

According to Kommersant, several of the world’s major digital asset exchanges are unconcerned about the possibility of having to create a permanent presence in Russia in order to continue providing services to Russian people. The government’s plan to regulate the country’s cryptocurrency market includes requiring foreign-based platforms to do so. Deputy Prime Minister Dmitry Chernyshenko, signed a letter as a counter-proposal to the Bank of Russia’s request for a ban on crypto trading and other activities.

Russia’s financial watchdog, are among the other criteria outlined in the plan. Binance, the world’s largest cryptocurrency exchange by volume, told the Wall Street Journal that it is willing to build a branch or even register a legal organisation in Russia

Huobi, another prominent cryptocurrency trading site, expressed its desire for an “open conversation with Russian regulators.” AAX, a cryptocurrency exchange, stated that it has no immediate intentions to open an office in the Russian Federation, but that it may begin working in this area if the regulations are passed.

Russian legislators are now drafting a new bill to address the regulatory loopholes left by the approval of the “On Digital Financial Assets” law. Trading platforms formed outside of Russia will be subject to a “special” registration system, according to one of the supporters, Deputy Chair of the Security and Anti-Corruption Committee Andrey Lugovoy.

 

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