Russia intends to launch a ‘national crypto exchange’

Russian lawmakers are working on amendments to launch a national crypto exchange. This effort is reportedly supported by both the Ministry of Finance and the Central Bank of Russia which has a long history of disagreement over crypto regulation in the country.

As local media reported on November 23, members of the lower house of the Russian parliament, the Duma, were discussing amendments to the country’s existing cryptocurrency legislation “On digital financial assets” with market stakeholders. The amendments, which would lay down a legal framework for a national exchange, will first be submitted to the central bank.

Sergey Altuhov, a member of Duma’s Committee for Economic Policy, emphasized the fiscal sensitivity of such measures:

“It makes no sense to deny the existence of cryptocurrencies, the problem is that they circulate in a large stream outside state regulation. These are billions of tax rubles of lost tax revenue for the federal budget.

In June, the head of Duma’s Committee on Financial Market, Anatoly Aksakov, suggested that a national crypto exchange could be launched in Russia as part of the Moscow Exchange, “a respected organization with long traditions.” In September, the Moscow Exchange drafted a bill on behalf of the central bank to allow trading in digital financial assets.

Related: Russia’s central bank report examines crypto’s place in the financial system

Earlier this month, a bill that would legalize cryptocurrency mining and the sale of the cryptocurrency mined was introduced to the Duma. The bill will form a Russian platform for cryptocurrency sales, but local miners will also be able to use foreign platforms. In the latter case, Russian currency controls and regulations will not apply to transactions, but they will have to be reported to the Russian tax service.

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