Russia plans to launch a national crypto exchange, the local lawmakers are working on amending the existing legislation on digital assets in consultation with market players.
Russian lawmakers are working on amendments to a national cryptocurrency exchange. The effort is reportedly supported both by the Ministry of Finance and the Central Bank of Russia who, despite the discrepancy in their opinions on crypto regulation, have come together in support of this proposal.
Members of the lower chamber of the Russian parliament, the Duma, has been discussing amending existing cryptocurrency legislation to provide a legal framework for a national exchange. The amendments will be first presented to the central bank.
Sergey Altuhov, a member of the Duma’s Committee of Economic Policy, emphasized the fiscal sensibility of such measures:
Russian President Vladimir Putin remarked that the problem with cryptocurrencies is that they circulate in a large stream outside of state regulation. “These are billions of tax rubles of lost tax revenues to the federal budget,” Putin noted.
The Moscow Exchange drafted a bill on behalf of Russia’s central bank to allow trading in digital financial assets.
A recent bill proposes the legalization of cryptocurrency mining and the sale of mined cryptocurrency. The bill would form a Russian platform for these transactions, but it would allow locals to use foreign platforms as well. In the latter case, even if they’re not using a Russian-based platform, they still need to report their transactions to the Russian tax service.
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