Russian authorities allowed Russian crypto exchanges to be set up

The effective and clear regulation of the sphere of digital assets will allow Russia to open access to the global financial market

14.03.2022 - 13:30

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1 min

What’s new? State Duma Deputy Alexander Yakubovsky, who is part of a working group on cryptocurrency regulation, stated that Russia is well-positioned to create its own crypto exchanges. He added that although Binance has suspended transactions using Visa/Mastercard cards issued within the Russian Federation, it continues to consult on the crypto market. This is reported by Parlamentskaya Gazeta.

Information on the Parlamentskaya Gazeta website

What does Yakubovsky say? The deputy is convinced that effective and clear regulation of the sphere of digital assets will allow Russia to open access to the global financial market. Yakubovsky noted:

“The more effective the national legislation being formed in this [cryptocurrency] sphere will be, the more effective it will work. We are currently working on solving this problem. I am sure it can open Russia access to the financial market, which they are now trying to close. In addition, the competent development of digital financial assets will minimize the damage from sanctions against the country.”

What are the prospects for mining? According to Yakubovsky, domestic and industrial mining should become separate types of economic activity. To this end, he considers it necessary to simplify the process of registration, submission of reporting documentation, and reduction of tax payments.

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