Russia has scrapped its plans to launch a national cryptocurrency exchange and instead aims to regulate multiple crypto trading platforms.
Russia Scraps Plan for National Crypto Exchange
Russia has scrapped its plans to launch a national cryptocurrency exchange and instead aims to regulate multiple crypto trading platforms, according to Anatoly Aksakov, a State Duma official. The Russian government had previously considered creating a unified crypto exchange as part of the Moscow Exchange but has now shifted its approach. Aksakov, who leads the Duma’s financial markets committee, stated that setting rules for creating and managing crypto platforms would be the new focus. The move is seen as a response to potential sanctions and would allow Russian businesses to process cross-border transactions and circumvent restrictions.
The regulatory framework for cryptocurrency exchanges is expected to be supervised by the Russian central bank. Aksakov noted that the associated regulations would be part of a bill on experimental legal regimes. However, it is premature to refer to these platforms as traditional cryptocurrency exchanges. Instead, they would likely function as organizations facilitating interactions between exporters and importers for cross-border transactions. Russian crypto companies have reportedly expressed opposition to a national crypto exchange, favoring the establishment of a regulatory framework for such organizations instead. This approach is seen as a way to minimize risks, address market dominance issues, and protect against infrastructure cyberattacks.