Russia’s State Duma begins preparations for the creation of a national crypto exchange

The draft with the proposals of deputies and market participants will be sent to the regulators for approval

23.11.2022 - 09:15

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What’s new? A national cryptocurrency exchange may appear in Russia. In mid-November, State Duma deputies and market participants discussed making appropriate amendments to the law “On Digital Financial Assets. Vedomosti reports citing its own sources and statements of one of the participants of the meeting.

News on the Vedomosti website

What else is known about the initiative? According to a source close to the State Duma, the deputies will first prepare a document taking into account the position of the market, and then submit it to the government and the Bank of Russia. The publication’s interlocutor also said that the parties do not plan to consider the exchange for the distribution of cryptocurrency as a means of payment within the country. The platform will be more of an exchange, where cryptocurrencies can be exchanged and declared.

Information about the preparation of amendments to the law was also confirmed by one of the participants of the meeting. According to a member of the Committee for Economic Policy Sergey Altukhov, due to the lack of state regulation, the budget is not receiving billions of rubles in taxes from the cryptocurrency industry. The official believes that Russia needs to create conditions for the legalization of cryptocurrencies and impose the regulation, which will not contradict the position of the government and the Bank of Russia.

In November, the Bank of Russia supported the draft law on the regulation of mining previously submitted to the State Duma. It provides permission to sell mined cryptocurrency both on foreign platforms, and in Russia — through a special platform, which will be created in the framework of the law on experimental digital regimes. It is also known that the draft law includes a ban on the use of cryptocurrencies as a means of payment within the country.

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