"Maybe Russia thinks this plan is more worthwhile than establishing a national crypto exchange."
Following the cancellation of plans to establish a national cryptocurrency exchange, Russian authorities are currently in the process of creating new guidelines for companies to follow, said Anatoly Aksakov, head of the State Duma committee on financial markets.
It is known that crypto exchanges may face certain restrictions if their business is facilitated in cross-border settlement.
Even so, Aksakov is confident that the introduction of the new rules will bring various advantages to many parties such as giving opportunities to emerging organizations and facilitating the use of crypto in Russia.
In addition to the Central Bank expected to take over the role of regulating the operation of crypto exchanges, the regulation may also be subject to the draft law regarding the experimental legal regime.
According to Oleg Ogiyenko, director of government relations at BitRiver, the approach addresses concerns about market dominance and minimizes risks related to sanctions and cyber attacks on infrastructure.
He added that special requirements should also be introduced to foreign crypto exchanges that want to operate in the Russian Federation so that the security of Russian customers and their information is always protected.
Please note that BTC surged by 2.02% when the following news was released, but its price has retreated around 0.75% at $27,794 in the last 24 hours with a market cap of $538 billion.
