SNEAK PEEK
- The development of a national cryptocurrency exchange is a project that Russian lawmakers are working on.
- The Duma, the lower house of the Russian government, has discussed modifications to the nation’s current cryptocurrency regulations with market participants.
- The economic responsibility of such activities was stressed by Sergey Altuhov, a member of the Duma’s Committee on Economic Policy.
The creation of a national cryptocurrency exchange is being worked on by Russian legislators. According to reports, the Ministry of Finance and the Central Bank of Russia, which have a protracted history of conflict over crypto legislation in the nation, both support this initiative.
The Duma, the lower house of the Russian government, 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 get a presentation of the revisions, which would establish the legal foundation for a national exchange.
A member of the Duma’s Committee on Economic Policy named Sergey Altuhov emphasized the economic responsibility of such actions. He claimed that it is absurd to dispute the existence of cryptocurrencies; the issue is that they are widely traded without government oversight. The federal budget has lost billions of dollars in tax income as a result.
In a previous consultative report, Russia’s top financial regulator stated that although the country currently has a sufficient regulatory environment for the establishment of a legal digital assets market, the country may establish even more complex rules for taxing utility tokens and digital securities.
Anatoly Aksakov, the chair of the Duma’s Committee on Financial Market, said in June that Russia may establish a national cryptocurrency exchange as a member of the Moscow Exchange, “a credible organization with an extensive history.” On behalf of the central bank, the Moscow Exchange produced a law in September to permit trading in digital financial assets.
However, some experts believe that Russia’s interest in cryptocurrencies is more likely due to the potential for avoiding the sanctions imposed on its financial system than to the country’s desire to grant its population more freedom.
A bill that would authorize cryptocurrency mining and the selling 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 global marketplaces.
