Russian lawmakers are working on amendments to launch a national crypto exchange. This effort is reportedly backed by both the Ministry of Finance and the Central Bank of Russia, which have a long history of disagreement over crypto regulation in the country.
As local media reported on November 23, members of the lower house of the Russian parliament, the Duma, have been discussing with market stakeholders amendments to the country’s existing cryptocurrency legislation “On Digital Financial Assets.” The changes, which will set the legal framework for a national exchange, will first be presented to the central bank.
Sergey Altukhov, a member of the Duma’s Economic Policy Committee, emphasized the fiscal sensitivity 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 government regulation. These are billions of tax rubles in lost tax revenue in the federal budget.”
In June, the head of the Duma Committee on Financial Markets, Anatoly Aksakov, suggested that a national crypto exchange in Russia could be launched as part of the Moscow Exchange, “a respected organization with a long tradition.” In September, the Moscow Exchange drafted a bill on behalf of the central bank to allow trading in digital financial assets.
Connected: The report of the central bank of Russia examines the place of crypto in the financial system
Earlier this month, a bill that would legalize cryptocurrency mining and the sale of mined cryptocurrency was submitted to the Duma. The bill would create a Russian platform to sell cryptocurrency, but domestic miners would also be able to use foreign platforms. In the latter case, Russian exchange controls and regulations will not apply to the transactions, but they will have to be reported to the Russian tax authorities.