Russian lawmakers are working on amendments to launch a national cryptocurrency exchange. The effort is reportedly backed by the finance ministry and Russia’s central bank, which have long been at odds over cryptocurrency regulation in the country.
as local media Report On Nov. 23, members of the Duma, the lower house of Russia’s parliament, have been discussing with market stakeholders amending the country’s existing cryptocurrency legislation “on digital financial assets.” These amendments, which will create a legal framework for national exchanges, will first be submitted to the central bank.
Sergey Altuhov, a member of the Duma Committee on Economic Policy, emphasized the fiscal sensitivity of such measures:
“It is pointless to deny the existence of cryptocurrencies, the problem is that they circulate in large quantities outside of state regulation. These are billions of tax rubles lost to the federal budget.”
In June, Anatoly Aksakov, Chairman of the Duma Committee on Financial Markets Suggest Russia’s national cryptocurrency exchange could launch as part of Moscow Exchange, “a respected organization with a long tradition.” In September, Moscow Exchange drafted a bill on behalf of the central bank to allow trading of digital financial assets.
related: Russia’s central bank report examines cryptocurrencies’ place in the financial system
Earlier this month, a bill legalizing cryptocurrency mining and the sale of mined cryptocurrencies was submitted to the Duma. The bill would create a Russian platform for cryptocurrency sales, but local miners would also be able to use foreign platforms. In the latter case, Russian currency controls and regulations do not apply to the transaction, but it must be reported to the Russian tax authorities.