Russia will have a national crypto operator

The platform will regulate the activities of Russian exchangers and exporters

19.04.2023 - 07:20

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3 min

What’s new? Russia is developing a draft law allowing the creation of a national crypto operator. It will be a platform for the formation and maintenance of a register of crypto exchangers and exporters. In addition, the operator will license the activities of market participants and monitor compliance with regulatory requirements. Vedomosti reports with reference to Altukhov Sergey’s statements, a member of the State Duma Committee on Economic Policy.

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What else is known? According to Altukhov, with a national crypto operator, exporters will be able to sell their goods and use digital currencies in cross-border payments. This, in turn, will reduce dependence on global financial assets and increase the country’s financial sovereignty. In this, it is planned to allocate a separate OKVED (All-Russian Classifier of Economic Activities) code for miners, so they could conduct their activities in Russia.

Earlier, the Bank of Russia allowed the possibility of private firms to participate in the exchange of cryptocurrencies for the needs of FEA within the experimental legal regime. The Central Bank also expects that in the next 5–7 years, cross-border settlements will be possible in national digital currencies, and the digital ruble platform will be able to integrate similar assets of other states.

Russia’s average amount of crypto investments for 2022 was 17 500 RUB

The direction is in fourth place in popularity after deposits, securities, e-wallets, and NPFs

Read further

In late March, deputies discussed the creation of a national crypto exchange, but the implementation of the initiative requires a clear position of the Central Bank on the regulation of cryptocurrencies themselves.

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