Russian lawmakers are working on amendments to launch a national crypto exchange. The effort is said to be supported by both the Ministry of Finance and the Central Bank of Russia, which have a long history of disagreements over the regulation of cryptocurrencies in the country.
Like local media reported On November 23, members of the lower house of the Russian parliament, the Duma, discussed with market stakeholders changes to existing cryptocurrency laws “On Digital Financial Assets.” The changes, which would establish the legal framework for the national stock exchange, will first be submitted to the central bank.
Sergey Altuhov, a member of the Duma’s economic policy committee, emphasized the fiscal sense of such measures:
“There is no point in denying the existence of cryptocurrencies, the problem is that they circulate in a large stream outside of state regulation. It is about billions of tax rubles of lost tax revenue to the federal budget.”
In June, the Chairman of the Duma Committee on the Financial Market, Anatoly Aksakov suggested that a national crypto exchange in Russia could be launched as part of the Moscow Exchange, “a venerable organization with a long tradition.” In September, the Moscow Stock Exchange prepared a bill on behalf of the central bank enable trading of digital financial assets.
Earlier this month, an account which would legalize cryptocurrency mining and the sale of mined cryptocurrency, was presented to the Duma. The draft law would create a Russian platform for the sale of cryptocurrencies, but local miners will be able to use foreign platforms as well. In the latter case, Russian currency controls and regulations would not apply to the transactions, but would have to be reported to the Russian tax service.