Russian lawmakers are reportedly working on amendments aimed at launching a national Russian crypto exchange. This effort is reportedly backed by both the Ministry of Finance and the country’s Central Bank. Both sides have a long history of disagreement over crypto regulation in the country.
There is no point in denying the existence of cryptos
In the meantime, several members of the lower chamber of the Russian parliament, the State Duma, have spoken with market parties about changes to the country’s existing cryptocurrency legislation. The amendments, which would establish a legal framework for a national exchange, will first be submitted to the central bank.
The country is now reportedly seeing that it no longer makes sense to deny the existence of cryptocurrencies. The current problem in the country is that they have a significant flow of cryptocurrencies circulating in the country outside of state regulation. The country is potentially missing out on billions in taxes as a result.
Earlier this year, it was announced that Russia could launch a national crypto exchange as part of the Moscow Exchange. In September, the Moscow Exchange drafted a bill on behalf of the central bank to allow trading in digital financial assets. However, it remains to be seen in practice that this actually happens, but it would be a possibility.
