Russian State Duma allows the creation of a crypto exchange by the end of the year

What’s new? Chairman of the State Duma Committee on the Financial Market Anatoly Aksakov said that crypto exchanges may soon start operating in the country. “There are potential participants in this process, it is important to just, let's say, test them,” the deputy said, admitting that the exchange will appear in the country already in the second half of 2024.

TASS material

What else is known? Aksakov believes that before the launch it is necessary to work out the mechanisms of admission and control of processes. In his opinion, it is not worth widely publicizing efforts in this area because of the risk of economic restrictions:

“It is important that, let's say, this is not publicized much, because it means that the enemies will also see who is involved in this process. Therefore, they will take steps to block the actions of such institutions.”

Earlier, the head of the Ministry of Finance Anton Siluanov said that the government and the Central Bank had not yet reached a consensus on the possibility of legalization of crypto exchanges, and this activity remained in the gray area. Thus, the Central Bank insists on the unacceptability of the circulation of cryptocurrencies and the legalization of crypto exchanges and exchangers inside Russia. However, the regulator is in agreement with the Ministry of Finance that cryptocurrencies are necessary in cross-border settlements due to international economic restrictions.

In early August, President Vladimir Putin signed a law on the legalization of mining, which will come into force on November 1. According to the law, Russian legal entities and private entrepreneurs included in the register of the Ministry of Finance, as well as individuals will be able to engage in mining, provided that they comply with the established limits of energy consumption. Legal entities and individual entrepreneurs will also be able to act as operators of mining infrastructure.

In May, it was reported that Russia and Iran were jointly developing central bank digital currencies (CBDCs) and digital financial assets (DFAs) to facilitate mutual trade and mitigate the impact of sanctions. So far, there is no infrastructure and regulations for the new payment methods. As early as last year, the countries started creating the Association of Digital Economy.

In March, the media reported that Russia would create a state platform for cryptocurrency confiscated as part of criminal proceedings. At the same time, Putin signed a law allowing the use of DFAs in international settlements. The State Duma explained that this would simplify settlements under sanctions and help to cooperate more actively with friendly countries.