Russia Intends to Launch a “National Crypto Exchange”

Russian lawmakers are working on amendments to launch a national crypto exchange. This effort would be supported by both the Ministry of Finance and the Central Bank of Russia, which have a long history of disagreement over the regulation of crypto in the country.

As local media reported On November 23, members of the lower house of the Russian parliament, the State Duma, discussed with market participants amendments to the country’s existing cryptocurrency legislation “On Digital Financial Assets”. The amendments, which would establish a legal framework for a national stock exchange, will first be presented to the central bank.

Sergey Altuhov, a member of the State Duma’s Economic Policy Committee, pointed to the fiscal sensitivity of such measures:

“It makes no sense to deny the existence of cryptocurrencies, the problem is that they circulate in a wide stream outside of state regulation. This is billions of tax rubles in lost tax revenue for the federal budget .“

In June, the head of the Duma Financial Market Committee, Anatoly Aksakov, suggested that a national crypto exchange in Russia could be launched under the Moscow exchange, “a respectable organization with long traditions”. In September, the Moscow Stock Exchange drafted a bill on behalf of the central bank to enable the trading of digital financial assets.

Related: Russian Central Bank Report Examines Crypto’s Place in the Financial System

Earlier this month, a bill that would legalize cryptocurrency mining and the sale of the mined cryptocurrency, was presented to Duma. The bill would form a Russian platform for cryptocurrency sales, but local miners will also be able to use foreign platforms. In the latter case, Russian currency controls and regulations would not apply to the transactions, but they would have to be reported to the Russian tax service.