Just One Step Away! Will Russia Establish a National Crypto Exchange?


 Russia's lower house of parliament has reportedly begun working on a draft bill that could help establish a "national crypto exchange."

The platform requires the approval of the country's central bank and the Ministry of Finance. The Bank of Russia has previously shown a negative stance towards the digital asset industry.

According to recent local reports, the State Duma plans to make certain amendments to existing laws that could help with the formation of a "national crypto exchange in Russia." Lawmakers discussed the initiative with market participants in mid-November.

Sergey Altuhov – member of the Economic Policy Committee of the State Duma, confirmed the rumors and suggested that the large economy country embraces the digital asset sector. However, the industry's main issue is the lack of appropriate regulation, he added:

“It makes no sense to deny the existence of cryptocurrencies, the problem is that they circulate in large flows outside of regulation. This is a matter of billions of rubles of tax revenue lost to the federal budget. "

Anatoly Aksakov – an executive in the State Duma – hinted in June that Russia could introduce a crypto platform based on Moscow Exchange standards. He also opined that such a trading venue should only exist if the central bank monitors it closely.

It was previously reported that in September, the Moscow Exchange drafted a bill on behalf of the Bank of Russia that could allow the trading of digital financial assets (DFA).

A separate report further revealed that representatives from the Ministry of Finance and the central bank did not participate in meetings between the State Duma and market stakeholders.

The lower house of parliament intends to prepare a document and deliver it to the entities so that they can learn about the idea and consider their position.

The Ministry of Finance and the Bank of Russia have to agree on the creation of the platform. The banking institution has shown its negative attitude towards the digital asset industry many times and even urged the government to enforce a complete ban on all cryptocurrency ventures on Russian territory.