Russia to move for a national crypto exchange

Russian lawmakers are meeting with market stakeholders to amend the existing legislation “on digital financial assets.” The amendment, however, could lead to instituting a national exchange; after the legal framework is presented to the central bank. 

In a suggestion made by the head of Duma’s Committee, Russian parliament (lower chamber), on Financial Market, in June, read that a national crypto exchange will be launched in Russia as part of the Moscow Exchange, “a respectable organization with long traditions,” Anatoly Aksakovsaid. Months later, the Moscow Exchange drafted a bill citing the central bank to allow digital financial assets trading.

The national crypto exchange launch effort by the Russian lawmakers is supported by the Ministry of Finance and the Central Bank of Russia. Both parties have over time been reported to have a history of disagreement over regulating cryptocurrency in the country. 

Members of the Duma, have been discussing the direction of amending the country’s existing cryptocurrency legislation, according to a local media report.

The fiscal sensibility of such measures is that “it makes no sense to deny the existence of cryptocurrencies; the problem is they circulate in a large stream outside of state regulation. These are billions of tax rubles of lost tax revenues to the federal budget,” Sergey Altuhov, a member of Duma’s Committee of Economic Policy, mentioned. 

Furthermore, a bill on legalizing cryptocurrency mining and sales of mined cryptocurrency was introduced to Duma. The bill would allow the establishment of a Russian platform for cryptocurrency sales and enable local miners to use foreign platforms.

Noteworthy, likely control by the Russian currency and regulations would not apply to transactions, but they would be directed to the Russian tax service. 

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