​Russian authorities abandon the idea of creating a national crypto exchange

What’s new? The authorities of the Russian Federation have abandoned previously announced plans to launch a national crypto exchange and intend to establish rules for the creation and functioning of such structures. Anatoly Aksakov, Chairman of the State Duma Committee on the Financial Market, reported this in an interview with Izvestia. The new approach will reduce the risk of sanctions and the likelihood of hacker attacks, as well as promote competition. Aksakov noted that the Bank of Russia may become the regulator of crypto exchanges, and the rules of operation will be fixed in the draft law on experimental legal regimes (ELRs).

News on the Izvestia website

Experts’ comments. According to Ivan Chebeskov, Director of the Financial Policy Department of the Ministry of Finance, the department is following the approach with the introduction of comprehensive regulation of digital currencies and does not support the establishment of one national crypto exchange. In addition, the Ministry of Finance and the Bank of Russia reached a compromise on the introduction into the legal field of the concept of mining and the provision of the possibility of conducting cross-border payments and operations for the exchange of cryptocurrencies within ELR.

Deputy Chairman of the Bank of Russia Alexey Guznov believes that it is too early to talk about the emergence of classic crypto exchanges. Most likely, these will be organizations that will help Russian companies to carry out payments for export and import operations.

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Oleg Ogienko, a representative of BitRiver, a mining center operator, supported the initiative of the authorities. In his opinion, the establishment of rules for the platforms will minimize sanctions risks and cyberattacks, as well as eliminate the abuse of a dominant position in the market. In this, Ogienko believes that at the first stages, it is necessary to impose restrictions on work with such platforms for unqualified investors.

Ivan Gostev, the Commercial Director of GIS Mining, believes that the new system will allow more competitive and innovative organizations to develop. And according to Alexey Tarapovsky, founder of Anderida Financial Group, legal crypto exchanges may appear in Russia as early as 2024.

According to Evgenia Burova, Director of Communications at the Garantex exchange, the turnover potential of such platforms is trillions of rubles. The scheme may look as follows: the company will buy digital assets on the platform, and then use it to carry out transactions to the counterparty.

The representative of “OOO “KoinKit” Stanislav Rozhdestvensky, in turn, put forward the idea of creating some kind of centralized interstate cryptocurrency, which would preserve the anonymity of cross-border transfers.

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Earlier, Aksakov said that the State Duma plans to pass draft laws on mining, settlements in digital assets in foreign markets, issues of their taxation, and responsibility for their illegal use by July 30. Deputy Finance Minister Alexey Moiseev reported that the Federal Taxation Service may be appointed as the regulator of cryptocurrencies in Russia, and the final decision will be made by the government.