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Russia intends to launch a ‘national crypto exchange’

A bill that would legalise cryptocurrency mining and the sale of the extracted coins was presented to the Duma earlier this month.

Russia intends to launch a ‘national crypto exchange’
The central bank will first receive a presentation of the amendments, which would establish the legal foundation for a national exchange.

The creation of a national cryptocurrency exchange is being worked on by Russian legislators, as reported by Cointelegraph.

According to reports, the Ministry of Finance and the Central Bank of Russia, which have a long history of conflict over the country’s regulation of cryptocurrencies, both support this initiative, Cointelegraph further stated.

According to Cointelegraph, The Duma, the lower house of the Russian parliament, has been in talks with market participants about changes to the country’s current cryptocurrency legislation “On digital financial assets,” according to local media reports from Nov. 23. The central bank will first receive a presentation of the amendments, which would establish the legal foundation for a national exchange.

Cointelegraph further noted tht Anatoly Aksakov, the chair of the Duma’s Committee on Financial Market, proposed in June that Russia could establish a national cryptocurrency exchange as a part of the Moscow Exchange, “a respectable organisation with long traditions.” On behalf of the central bank, the Moscow Exchange drafted a bill in September to permit trading in digital financial assets.

A bill that would legalise cryptocurrency mining and the sale of the extracted coins was presented to the Duma earlier this month. The legislation would create a Russian marketplace for cryptocurrency sales, but local miners would also be permitted to use foreign marketplaces, Cointelegraph further stated.

The latter scenario would exempt transactions from Russian currency controls and regulations, but they would still need to be reported to the Russian tax service.

Also Read: Global regulators to target crypto platforms after FTX crash

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