Russian parliament to approve national crypto exchange

share to other networks share to twitter share to facebook
Bitcoin

Amid several uncertainties concerning crypto adoption in Russia, the nation is reportedly working towards launching a national crypto exchange as a step to embrace cryptocurrencies.

As per Russian media outlet Vedomosti, the Duma is preparing regulations for the creation of a national cryptocurrency exchange in the country.

Advertisement

The report later adds that the proposal is yet to be agreed upon by the central bank of Russia.

Russian crypto exchange

As per local media outlet Vedomosti, members of the lower chamber of the Russian parliament, the Duma, have led discussions with major market stakeholders to make amendments to the country's current crypto legislation "On Digital Financial Assets."

The proposed amendments will play a critical role in establishing a national crypto exchange in the region.

Advertisement

Per the report, the news of Russia establishing a national crypto exchange was first confirmed by Sergey Altukhov, a member of economic policy.

Altukhov later outlined the need for establishing legitimate measures to regulate cryptocurrencies in the region.

According to Altukhov:

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.

Altukhov later added how it is imperative to create conditions for the "legalization of cryptocurrencies" and adjust the "rules of the game" so that they don't contradict the positions of the central bank and the government.

Moreover, in June, the head of the Duma State Committee on Financial Markets, Anatoly Aksakov, suggested that a national cryptocurrency exchange in Russia could be launched as a part of the Moscow stock exchange.

Advertisement

Aksakov later shared:

Of course, there should be a crypto-exchange that is created according to the strict requirements of the Central Bank. I admit that this is a division of the Moscow Exchange.

Get the latest on Bitcoin, Ethereum, FTX and Gemini exchange.