As per the latest report, the Russian government has given up on its goal to establish a national crypto exchange. Instead, according to Anatoly Aksakov, the chief of the State Duma committee on the stock market, they intend to set rules for the establishment and governance of crypto platforms.
Aksakov emphasised that cryptocurrency exchanges may be vulnerable to restrictions because they help firms with cross-border transactions.
Yet Anatoly raised confidence that the implementation of new rules will present chances for developing organisations. This idea is endorsed by the Ministry of Finance as well, highlighting the importance of thorough regulations for promoting crypto usage in the nation.
It was expected that the Central Bank would take on the responsibility of overseeing cryptocurrency exchange activities. According to the deputy, the details of these restrictions will likely be included in the draught law on experimental legal systems.
Recent evidence has also shown that the Ministry of Finance preferred a regulatory structure that would permit other companies to develop similar platforms rather than supporting the creation of a new national cryptocurrency exchange.
Market players have backed the choice to disregard the national crypto exchange in favour of controlled operations.
BitRiver’s director of government relations, Oleg Ogiyenko, emphasised that this strategy will reduce worries about market domination while minimising the dangers related to penalties and cyberattacks on infrastructure.
Additionally, it is suggested to impose unique restrictions for foreign cryptocurrency exchanges that wish to do business in the Russian Federation.
The primary goal of these standards would be to guarantee the security and privacy of data pertaining to Russian customers. The global crypto community applauds the country’s good crypto position as it pivots towards legal framework for cryptocurrency platforms and moves up to rank nine in terms of population.
