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Russia Working On To Launch Its Own National Crypto Exchange

Russia May Launch Its Own National Crypto Exchange

Russia and Ukraine are in news due to the war between them. Many European countries as well as the United States have implied many economical sanctions on Russia after the invasion of Ukraine by Russian forces.

Meanwhile, a piece of news came from different sources that Russia is intended to launch a national cryptocurrency exchange. According to reports Russian local lawmakers are working on amendments to the existing legislation ‘On digital financial assets’ in consultation with market stakeholders to launch its own crypto exchange.

This effort by Russian lawmakers are also been supported by the Ministry of Finance and the Central Bank of Russia, which previously were disagree over crypto regulations in the country.

According to local media reports the lower chamber of the Russian parliament, the Duma has been in discussion on amendments to existing law on cryptocurrencies and virtual digital assets. Through these amendments, lawmakers proposed a framework for a national crypto exchange.

Sergey Altuhov, a member of Duma’s Committee of Economic Policy of Russia said, “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”.

In June 2022, Anatoly Aksakov suggested that a national crypto exchange for Russia could be launched as a part of the Moscow Exchange. After that in September 2023, Moscow Exchange also drafted a bill on behalf of the central bank to facilitate the trading of virtual digital assets in the country.

In starting of November a bill that would legalize crypto mining and the sale of mined cryptocurrencies was introduced to Duma. According to this bill, a local Russian platform will be developed for crypto trading but the crypto miners will also sell their mined cryptos on other foreign exchange platforms. On all transactions, Russian tax will be applied.

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