JUST

Bank AI

<p><strong>In the haste to bypass the increasing number of sanctions Russia decided to regulate the crypto exchanges operating in the country in order to use them for cross-border transactions.</strong></p>
<h2 style="text-align: center;" id="controlling-all-crypto-exchanges-instead-of-only-one">Controlling All Crypto Exchanges Instead of Only One</h2>
<p>Russia is making progress in incorporating digital currencies into its financial landscape. The country has abandoned plans for a national cryptocurrency exchange and instead aims to establish a framework for the operation and regulation of crypto exchanges. <a href="https://iz-ru.translate.goog/1519017/mariia-kolobova/novyi-bitok-v-rossii-poiaviatsia-pravila-sozdaniia-i-raboty-kriptobirzh?_x_tr_sl=auto&amp;_x_tr_tl=en&amp;_x_tr_hl=en-US&amp;_x_tr_pto=wapp" target="_blank" rel="noopener">This move</a> is intended to facilitate cross-border transactions, comply with regulations, and bypass sanctions. The central bank will oversee these exchanges, and regulations will be included in the draft law on experimental legal regimes.</p>
<blockquote class="twitter-tweet">
<p dir="ltr" lang="en">JUST IN: 🇷🇺 Russia to use <a href="https://twitter.com/hashtag/crypto?src=hash&amp;ref_src=twsrc%5Etfw">#crypto</a> exchanges to settle cross-border transactions.</p>
<p>— Watcher.Guru (@WatcherGuru) <a href="https://twitter.com/WatcherGuru/status/1663219131322081280?ref_src=twsrc%5Etfw">May 29, 2023</a></p></blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<h2 style="text-align: center;" id="abandoning-the-national-crypto-exchange-plan">Abandoning the National Crypto Exchange Plan</h2>
<p>Anatoly Aksakov, the head of the State Duma committee on the financial market, supports establishing well-defined rules for crypto exchanges rather than a <a href="https://walletinvestor.com/magazine/russia-will-launch-its-own-crypto-exchange" target="_blank" rel="noopener">single national exchange</a>. By utilizing existing crypto exchanges, Russia seeks to promote efficient cross-border settlements while complying with international regulations and bypassing sanctions.</p>
<blockquote class="twitter-tweet">
<p dir="ltr" lang="en">🇷🇺 Russia to establish <a href="https://twitter.com/hashtag/crypto?src=hash&amp;ref_src=twsrc%5Etfw">#crypto</a> exchange regulations for international transactions.<a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw">#Crypto</a> <a href="https://twitter.com/hashtag/Russia?src=hash&amp;ref_src=twsrc%5Etfw">#Russia</a> <a href="https://twitter.com/hashtag/Putin?src=hash&amp;ref_src=twsrc%5Etfw">#Putin</a> <a href="https://t.co/TxDsWBfMkG">pic.twitter.com/TxDsWBfMkG</a></p>
<p>— The Highlight (@thehighlight0) <a href="https://twitter.com/thehighlight0/status/1663210463923179520?ref_src=twsrc%5Etfw">May 29, 2023</a></p></blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<h2 style="text-align: center;" id="oversight-by-the-central-bank">Oversight by the Central Bank</h2>
<p>The central bank will play a crucial role in overseeing the functioning of these crypto exchanges. This regulatory oversight aims to ensure transparency, security, and compliance with anti-money laundering and know-your-customer standards. By actively supervising these platforms, the central bank can mitigate potential risks associated with cryptocurrencies and promote responsible and secure digital asset trading.</p>
<h2 style="text-align: center;" id="experimental-legal-regimes-and-comprehensive-regulation">Experimental Legal Regimes and Comprehensive Regulation</h2>
<p>The draft law on experimental legal regimes will serve as the foundation for regulating crypto exchanges in Russia. This approach allows for the testing of innovative frameworks and approaches within a controlled environment. By incorporating cryptocurrencies into these experimental regimes, Russia can assess their impact on the financial market and refine the regulatory framework accordingly.</p>
<h2 style="text-align: center;" id="russia-8217-s-stance-on-a-national-crypto-exchange">Russia&#8217;s Stance on a National Crypto Exchange</h2>
<p>The Ministry of Finance of the Russian Federation does not support the creation of a single national crypto exchange. Instead, the ministry proposes establishing legal regulations that enable businesses to establish their own platforms. This approach fosters competition, innovation, and diverse offerings within the crypto exchange sector while ensuring comprehensive regulation and oversight.</p>
<h2 style="text-align: center;" id="conclusion">Conclusion</h2>
<p>Russia&#8217;s decision to utilize existing crypto exchanges for cross-border transactions marks a significant development in its cryptocurrency strategy. By abandoning plans for a national exchange in favor of a decentralized approach, the country aims to establish well-defined rules and regulations for crypto exchanges. Oversight by the central bank and the inclusion of regulations in the draft law on experimental legal regimes highlight the commitment to responsible and secure cryptocurrency trading. Russia continues to refine its regulatory framework and embrace cryptocurrencies while promoting innovation, complying with international standards, and fostering a robust financial ecosystem.</p>

Russia Shifts Focus to Crypto Exchanges for Cross-Border Transactions

Table of Contents

WalletInvestor

Other articles published on May 29, 2023

BUIDL-Weekly: 22MAY23 - 28MAY23

Shido Dex is launching Today!

Metaverse Property Market Plunges: Top Investments Face Massive Losses

MULTI Experiences Surprise Price Surge Amid Multichain Network Troubles

Which Web 3.0 Social Media Platforms Can Replace Meta?

NFT Marketplace Tabi Raises $10M with Participation from Animoca Brands, Binance Labs and Others

Join our free newsletter for daily crypto updates!